Solar Power Partners, Inc.
, a Mill Valley, CA-based solar power producer which provides system modeling, design, engineering, construction management, and long-term operations and maintenance, has closed $115m in financing
, expandable up to $215m.
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 nation-wide growth in both commercial and utility markets.
In addition, the expandability in this financing round will enable the addition of new projects to the company’s current development schedule.
Commenting on the financing, Bob Powell, President and CEO of Solar Power Partners, was quoted as saying: “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”.