News Article
Solar Power Partners Expands Operations
Solar Power Partners places 19 new solar energy facilities into commercial operation
Solar Power Partners has announced that it has placed into service 19 new SEFs with a total capacity of 7.7 MW. This new capacity, along with the 5.1 MW in SPP Fund I, firmly positions SPP as a top solar developer in the United States. The projects will provide solar power to a variety of customers, including several corporate clients, three universities, two healthcare facilities, a water district, a wastewater treatment facility, and a public school. The SEFs will produce enough clean renewable energy to offset 8,723 metric tons of carbon annually.
The SEFs have been constructed by SPP Fund II, LLC, in which SPP will act as the general partner and provide asset management services. Financing of the SEFs is being provided by Bank of America in the form of a tax equity investment and Energy Investors Funds through their United States Power Fund III, L.P.
SPP's industry-leading project development, system design, construction oversight, and exacting operations standards have helped ensure that the solar energy facilities meet strict quality guidelines in order to provide predictable power production over the 35-year expected life of the systems.
“SPP is a quality developer and asset manager in the commercial solar PPA market, which is evidenced by this most recent placement of 19 SEFs," said Brian Tracey, Bank of America Tax Credit Executive. "We are pleased to have the opportunity to work with this company to expand the use of renewable solar energy in the United States.”
“SPP's project finance and operational expertise is unique and unmatched in this emerging distributed renewable energy marketplace, and management's proven ability to team with the best solar integrators to develop the highest quality systems speaks to the strengths of their internal processes,” said Jose Torres-Monllor, Senior Vice President of Energy Investors Funds.
“I believe that Bank of America's and EIF's investment in our solar projects demonstrates a commitment to long-term renewable solar energy and is a testament to SPP's abilities as a leader in the rapidly growing commercial solar PPA marketplace,” said Alexander v. Welczeck, SPP's President and CEO. “Our work with Bank of America and EIF, culminating in the closing of our second fund, enables us to grow our markets and continue to exceed our customers' expectations.”
The SEFs have been constructed by SPP Fund II, LLC, in which SPP will act as the general partner and provide asset management services. Financing of the SEFs is being provided by Bank of America in the form of a tax equity investment and Energy Investors Funds through their United States Power Fund III, L.P.
SPP's industry-leading project development, system design, construction oversight, and exacting operations standards have helped ensure that the solar energy facilities meet strict quality guidelines in order to provide predictable power production over the 35-year expected life of the systems.
“SPP is a quality developer and asset manager in the commercial solar PPA market, which is evidenced by this most recent placement of 19 SEFs," said Brian Tracey, Bank of America Tax Credit Executive. "We are pleased to have the opportunity to work with this company to expand the use of renewable solar energy in the United States.”
“SPP's project finance and operational expertise is unique and unmatched in this emerging distributed renewable energy marketplace, and management's proven ability to team with the best solar integrators to develop the highest quality systems speaks to the strengths of their internal processes,” said Jose Torres-Monllor, Senior Vice President of Energy Investors Funds.
“I believe that Bank of America's and EIF's investment in our solar projects demonstrates a commitment to long-term renewable solar energy and is a testament to SPP's abilities as a leader in the rapidly growing commercial solar PPA marketplace,” said Alexander v. Welczeck, SPP's President and CEO. “Our work with Bank of America and EIF, culminating in the closing of our second fund, enables us to grow our markets and continue to exceed our customers' expectations.”
