sPower plans to add 700 MW to portfolio in 2016

January 19, 2016 09:00 AM Eastern Standard Time

SALT LAKE CITY–(BUSINESS WIRE)–Today, sPower, a leading renewable energy provider, announced plans to add an additional 700 megawatts (MW) to its portfolio in the 2016 calendar year. This announcement follows an extraordinary 2015 for sPower – a year in which the company brought an incremental 300MW+ of clean, renewable energy to the grid. sPower closed out 2015 with 500MW in operating projects and $1.5 billion in balance sheet assets.

To accomplish sPower’s ambitious goal of 700MW of incremental growth in 2016, the company will rely on experience, financial strength and a growing team of partners. One important partner is JinkoSolar, a global leader in the solar photovoltaics (PV) industry, which will supply sPower with one gigawatt (GW) of solar panels. And another is Rosendin Renewable Energy Group, one of the nation’s largest private electrical contractors, which will provide engineering, procurement and construction (EPC) for the construction of sPower’s 2016 portfolio.

“In 2015, we maintained the trust of our utility partners, developers, landowners and communities by delivering on our promises. We created meaningful jobs, and we worked diligently to usher in a sustainable energy future,” said Ryan Creamer, sPower’s CEO. “We’ve set the bar high for 2016 with plans to bring online another 700MW of renewable energy. With the strength of our team and our partners, we’re well positioned to achieve our goal.”

Following are sPower’s 2015 highlights*:

  • Corporate Growth: Tripled balance sheet assets from $500 million in 2014 to $1.5 billion in 2015; doubled operating portfolio from 230MW in 2014 to 500MW in 2015.
  • Acquisitions: Closed on more than 300MW; diversified technology with two wind farm development projects.
  • Origination: Signed 11 new power purchasing agreements (PPAs) for 290MW+; initiated 2GW of development in AZ, CA, NC, NY, SC, UT and WY.
  • Permitting | Interconnection: Received land use approvals for the development of 660MW; initiated permitting and development on 10,400+ acres; filed new interconnection requests for 2.9GW.
  • Construction: Installed one-millionth panel; conducted 16 groundbreakings; constructed first wind farm; commissioned 14 projects.
  • Tax Equity | Debt Financing: Closed five tax equity facilities for $255MM; raised $446MM of debt.
  • Leadership: Ryan Creamer elected to the Solar Energy Industry Association’s (SEIA) Executive Committee. Hired David Shipley, CFO, and Ray Henger, senior VP of structured finance.

About sPower: Headquartered in Salt Lake City, with offices in San Francisco, Long Beach and New York City, sPower is a leading independent power producer (IPP) that owns and/or operates more than 150 utility and commercial distributed electrical generation systems across the U.S. and the UK. With 4.0 gigawatts between operating, construction and pipeline, sPower is actively buying select utility-scale renewable assets in virtually any stage of development in the United States. sPower is a portfolio company of Fir Tree Partners, a global investment fund. www.spower.com