Silverado Power announces a merger with sPower. The new company will be a well-capitalized leader in the utility-scale and commercial solar market with a portfolio of more than 400 MW of actionable projects.
Silverado Power, a portfolio company of Fir Tree Partners, announced today that it has completed a merger with solar independent power producer Sustainable Power Group. The newly created entity, to be called sPower, says it will have the projects, capabilities, and capital to compete at the highest levels of the solar energy market.
The combined company, which controls one of the largest portfolios of development projects in the U.S., will be one of the leading end-to-end players in the market, focused on:
Completing development of its portfolio of about 400MW of solar PV projects.
Partnering with developers to finance late-stage renewable energy development projects.
Purchasing renewable energy operating projects.
Providing operations of renewable power producing projects.
sPower is majority owned by Fir Tree Partners, an investment firm with 20 years of history and significant experience in real estate, energy, and infrastructure investments. Fir Tree acquired San Francisco-based Silverado Power late last year and has expanded its mandate from early-stage development to completing projects on its own balance sheet.
sPower brings a highly complementary skill set to Silverado’s early-stage development expertise. sPower excels at building, financing, and operating solar PV assets with a long-term focus. Headquartered in Salt Lake City, Utah, sPower currently owns and operates over 100 solar PV facilities nationwide and maintains arrangements with a number of industry-leading tax equity providers.
Ryan Creamer, CEO of sPower said, “sPower has proven that we can build, operate and finance solar projects on a large scale. With the Silverado team, we hope to build at least 100 MW of solar projects in 2014 and over 150 MW in 2015. In addition to our Silverado pipeline, we will continue to acquire quality solar projects, in any stage, from other developers.”
Scott Troeller, a senior executive at Fir Tree, said, “We believe the combination of Silverado’s deep development pipeline with that of sPower’s ability to manage construction, finance and operations is a natural combination for success in the renewables marketplace.”
The new company will maintain offices in Salt Lake City, Utah and San Francisco, California and will use sPower’s name, logo, and website.