International law firm McDermott Will & Emery’s client, sPower, an AES and AIMCo company headquartered in Salt Lake City, Utah, has secured over $500 million in financing for its Prevailing Wind Park in Bon Homme, Charles Mix and Hutchinson Countries in South Dakota. This 218 MW project will be sPower’s largest project to-date and the largest single asset financing in the company’s history. Electricity generated by the facility will be sold to a utility under a 30-year power purchase agreement. The expected electricity generated at full capacity is enough to meet the consumption of up to 90,000 average South Dakota homes.
This transaction was completed on September 4, 2019.
McDermott Will & Emery acted as legal advisor to sPower while CohnReznick Capital acted as financial advisor for sPower.
The lenders for the approximately $319 million construction/term facility are HSBC and CIBC. The tax equity investors’ commitment will be backed by a $189 million tax equity commitment from Bank of America Merrill Lynch.
Edward and Carl joined McDermott in March, as an expansion of its Energy Group and bolstering its strength in renewables. Energy businesses rely on McDermott for its attorneys’ ability to address the unique legal issues associated with operating in such a highly specialized market.
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sPower, an AES and AIMCo company, is the largest private owner of operating solar assets in the US. sPower owns and operates a portfolio of solar and wind assets greater than 1.5 GW and has a development pipeline of more than 10 GW. sPower is owned by a joint venture partnership between the AES Corporation, a worldwide energy company headquartered in Arlington, Virginia, and the Alberta Investment Management Corporation, one of Canada’s largest and most diversified institutional investment fund managers.
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