sPower Continues Relationships with Southern California Edison and Pacific Gas and Electric
SALT LAKE CITY--sPower, a prominent renewable energy provider, today announced that it has successfully secured 20-year PPAs for three new solar photovoltaic (PV) projects in California.
"As the industry matures and costs decrease, efficiencies are allowing us to develop renewable facilities that can compete with conventional energy options. And that's good news for utilities, rate payers and the environment."
The three facilities will be completed and generating clean, sustainable energy in 2016:
1. Aspiration Solar G: 11.7MWdc in San Joaquin, CA
2. Central Antelope Dry Ranch B: 3.7MWdc in Lancaster, CA
3. Lancaster WAD B: 4MWdc in Lancaster, CA
When fully operational, the three facilities will cumulatively generate enough clean, renewable energy for more than 2,500 homes and are expected to reduce carbon emissions by 28,000 metric tons annually - the equivalent of greenhouse gas emissions from 68 million miles driven by an average car1.
"The California market continues to represent one of the most attractive opportunities in utility-scale solar," said Ryan Creamer, sPower's CEO. "As the industry matures and costs decrease, efficiencies are allowing us to develop renewable facilities that can compete with conventional energy options. And that's good news for utilities, rate payers and the environment."
sPower has been developing solar projects in California for several years, as well as in other key markets across ten states and in the United Kingdom. The company recently closed on its first back leverage transaction for $168.5MM debt financing and has more than a gigawatt of projects planned.
About sPower: Headquartered in Salt Lake City, with offices in San Francisco and New York City, sPower is a prominent independent power producer (IPP) that owns and/or operates more than 150 utility and commercial distributed electrical generation systems across the United States and the UK. With greater than 1.7 gigawatts between construction and pipeline, sPower is actively buying renewable assets in virtually any stage of development in North America and the UK. sPower is a portfolio company of Fir Tree Partners, a leading global investment fund with more than 20 years of investing history and approximately $13 billion of capital under management. www.spower.com