MILL VALLEY, Calif., Apr 28, 2010 (BUSINESS WIRE) — Solar Power Partners, Inc. (SPP(TM)), the country’s largest independent solar power producer, today announced it has closed $115 million in financing, expandable up to $215 million. The financing comprises construction debt, term debt, and tax equity provided by U.S. Bank and WestLB AG, as well as corporate funding from new and existing investors to support the company’s aggressive, nation-wide growth in both commercial and utility markets.
Project financing remains the key issue in the execution of solar projects, and this funding allows SPP to continue adding to its operating project portfolio.
“The SPP team continues to excel in executing with key lender and investor relationships,” said Bob Powell, President and CEO of Solar Power Partners. “SPP has accomplished what no other company of its size has managed, with over 40 major customer installations in several states. This round of funding allows us to continue our track record of project execution, and will more than double our installed system capacity. In an industry where delivering results rather than hype is scarce, SPP is focused on putting real shovels in the ground to construct projects.”
SPP provides industry-leading system modeling, design, engineering, and construction management, and long-term operations and maintenance. Solar Power Purchase Agreements (PPAs) allow customers to use clean solar energy without any upfront capital, while removing the risk of ongoing operations and maintenance. SPP’s systems to date all produce at or above the expectations of both investors and customers.
“The expandability in this financing round will enable the addition of new projects to our current development schedule. SPP has always been able to stand by our methods and our contracts, and our development team is excited about adding to our execution record,” said Todd Michaels, Senior Vice President of Project Development and Marketing.
Powell said, “Funding from our strategic investors enable us to grow our base of expertise and diversity of approach in the market. I’m proud of the extraordinary team that has helped bring solar energy to so many businesses and institutions. In the four years since the company’s inception, the SPP team has set the bar on what a true solar power producer brings to a project through vision and an energetic attention to detail that is grounded in reality. We’re pleased to add to that knowledge base with our new and existing partners.”
About Solar Power Partners (SPP)
The country’s largest independent solar power producer, Solar Power Partners, Inc. (SPP) helps utilities, businesses, and institutional customers embrace solar energy. SPP develops, owns with its investors, and operates distributed solar energy facilities (SEFs) and sells solar-generated electricity through solar Power Purchase Agreements (PPA), long-term energy financing solutions that help customers go green without the hassles or costs of solar facility ownership and maintenance.
About U.S. Bank
Minneapolis-based U.S. Bancorp is the parent company of U.S. Bank National Association (“U.S. Bank”), the 5th largest commercial bank in the United States with $282 billion in assets. U.S. Bank’s Denver-based Power Finance Team is the wholesale banking unit of the Energy Industries Division specializing in gas-fired, wind and solar power generation financings. U.S. Bancorp Community Investment Corporation is the tax equity investment unit for U.S. Bancorp, and originates renewable energy investments, new markets, historic, and low-income housing tax credits.
WestLB AG is one of Germany’s leading financial services providers and offers the full range of products and services of a universal bank, focusing on lending, corporates and structured finance, capital market and private equity products, transaction services and real estate finance. WestLB has total assets of EUR242.3 billion, as of December 31, 2009. For more information, please visit www.westlb.com.
In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB’s wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC.
(NOTE: Year-end 2009 Earnings Release as of December 31, 2009, distributed to public on March 23, 2010.)
SOURCE: Solar Power Partners, Inc.