Investments


Sustainable Power Group (sPower)


Renewable Energy


Salt Lake City, Utah


December 2013


www.spower.com

Overview

sPower is one of the largest Independent Power Producer and utility-scale renewable energy project developers in the United States. sPower has over 175 MW of owned operating projects and has assembled in excess of 1 GW of development projects scheduled for construction in 2015 and 2016. sPower is currently focused on continuing to build out its sizable portfolio, acquiring additional late-stage solar, and wind projects from developers, and seeing those projects through construction and long-term operations.


Investment Highlights

  • Highly complex multi-step transaction process involving numerous stakeholders and the merger of sPower and Silverado Power
  • Primary purchase of subordinated debt and secondary purchase of third party senior debt which were then converted into a controlling equity stake in a consensual restructuring of Silverado Power
  • Continued partnership with existing management teams and ownership groups
  • Substantial growth capital invested post restructuring to bring near term solar projects to construction and to continue development pipeline of mid-to-longer term projects
  • Strategic shift from pure developer towards becoming a major independent power producer and operator of renewable projects
  • Transaction was sourced, negotiated, structured by Titan Grove and was funded by various Fir Tree entities