Silverado Power, a portfolio company of Fir Tree Partners, completed a merger with solar independent power producer Sustainable Power Group (sPower).
The newly created entity, to be called sPower, possesses the projects, capabilities and capital to compete within the solar energy market.
The combined company will focus on the following:
· Completing development of its about 400 MW portfolio of solar photovoltaic projects
· Partnering with developers to finance late-stage renewable energy development projects
· Purchasing renewable energy operating projects and
· Providing operations of renewable power producing projects
sPower is majority owned by Fir Tree Partners, an investment firm with 20 years of history and 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.
Reznick Capital Markets acted as advisor to Fir Tree on both the Silverado and sPower transactions. Media Venture Partners acted as advisor to Silverado in its transaction with Fir Tree.