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sPower Doubling Operating Portfolio to 500MW in 2015

published: 2016-01-20 15:25

sPower doubled its operating renewable portfolio from 230MW to 500MW in 2015, and plans to add an additional 700MW to it in the 2016 calendar year. During 2015, the company also brought an incremental 300MM+ of clean energy to the power grid.

“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.”

JinkoSolar and Rosendin Renewable Energy Group will be sPower’s partners to accomplish the 700MW of incremental growth goal in 2016. JinkoSolar will supply sPower with 1GW of solar panels, while Rosendin Renewable Energy Group, a national private electrical contractor, will provide EPC services for the construction of sPower’s portfolio arranged in 2016.

In addition, the growth in 2015 helped sPower tripled its balance sheet assets to US$1.5 billion. Following are sPower’s 2015 business highlights:

  • 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.
  • Closed on more than 300MW; diversified technology with two wind farm development projects.
  • Signed 11 new power purchasing agreements (PPAs) for 290MW+; initiated 2GW of development in AZ, CA, NC, NY, SC, UT and WY.
  • 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.
  • Closed five tax equity facilities for $255MM; raised $446MM of debt.
  • 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.

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