Sustainable Power Gets $168.5 Million Loan for Solar Projects

(Bloomberg) — Sustainable Power Group, an independent
power producer backed by Fir Tree Partners, received $168.5
million in financing that will support 144 megawatts of solar
capacity.

CohnReznick Capital Markets Securities advised on the loan
from KeyBank National Association, OneWest Bank and Zions Bank,
Salt Lake City-based SPower, as the producer is known, said in a
statement Wednesday. Terms weren’t disclosed.

The financing “allows us to reduce our cost of capital and
frees up resources to pursue additional projects,” SPower CEO
Ryan Creamer said in the statement. “The transaction
demonstrates the finance community’s interest in renewables.”

The loan will support 25 solar assets. SPower owns or
operates more than 135 power plants throughout the U.S. and U.K.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Carlos Caminada, Will Wade

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