Developer sPower closed on more than $700m in construction/term loan financing for its 620MW Spotsylvania PV project in Virginia, the largest solar array east of the Rocky Mountains.
The project, which is being backed by a nine-bank group led by HSBC, is currently under construction with phases coming online this year through completion in the summer of 2021.
“Closing a transaction of this magnitude in the current macro environment is challenging,” said James Wright, managing director at HSBC, adding the deal’s success is a “testament” to sPower’s experience and the quality of the underlying assets, and a “vote of confidence” in renewables projects and sustainable finance by the broader lender group.
