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Solar Power Partners Raises up to $215M in Funding

04/29/2010
Solar Power Partners, the biggest independent solar power producer, has closed $115 million in financing from U.S. Bank and WestLB AG, as well as corporate funding from new and existing investors.

The investment will support the company's nationwide growth in both commercial and utility markets. Project financing remains the key issue in the execution of solar projects, and this funding allows SPP to continue adding to its operating project portfolio, say company leaders.

"The SPP team continues to excel in executing with key lender and investor relationships," said Bob Powell, president and CEO in a press statement.

"This round of funding allows us to continue our track record of project execution, and will more than double our installed system capacity."

SPP provides industry-leading system modeling, design, engineering, and construction management, and long-term operations and maintenance. Solar Power Purchase Agreements (PPAs) allow customers to use clean solar energy without any upfront capital, while removing the risk of ongoing operations and maintenance. SPP's systems to date all produce at or above the expectations of both investors and customers.

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