US independent power producer (IPP) sPower has concluded financing for its largest project to date after securing a US$700 million construction/term loan.
Nine separate banks committed capital for the 620MWdc Spotsylvania Solar Energy Center in Virginia, which will see phases come online this year. Full completion is expected in the summer of 2021.
The full financing package for the project now exceeds $1 billion after sPower closed a US$350 million tax equity commitment from Wells Fargo earlier this year.
