wind turbine
On: October 24, 2019 In: In The News, Press Releases

sPower, a leading renewable energy Independent Power Producer (IPP), recently announced that the company closed on the debt financing and tax equity commitment for Prevailing Wind Park in Bon Homme, Charles Mix and Hutchinson Counties in South Dakota.

Lenders for the approximately $319 million construction/ term facility are HSBC and CIBC. The banks’ commitment will be backed by a $189 million tax equity commitment from BAML.

The 218 MW wind farm represents sPower’s largest project to date and is the largest single asset financing in the company’s history.

The electricity generated by Prevailing Wind Park will be sold to a utility under a 30-year PPA. The expected electricity generated at full capacity is enough to meet the consumption of up to 90,000 average South Dakota homes.

CohnReznick Capital is pleased to have advised sPower on this transaction which further diversifies its operating portfolio and builds on its position as one of the largest owners of operating solar assets in the United States.

Conor McKenna, Senior Managing Director at CohnReznick Capital, said, “sPower is a top tier sponsor and Prevailing Winds is a high caliber asset, making this a fantastic project to support. We’re very excited with our continued work with sPower, and its collaborative financing partners, to help bring this attractive project to commercialization.”

For additional details on this transaction, please contact:
Conor McKenna
Senior Managing Director
conor.mckenna@cohnreznickcapital.com