Silverado Power merges with independent power producer Sustainable Power Group
Silverado Power has finally merged with Sustainable Power Group or sPower, a statement about the combination said. As a result of the consolidation, the newly-formed firm will be called sPower and can effectively compete in the topmost rungs of the solar energy market because of its projects, capabilities and funding.
According to the statement, the newly-merged company will be controlling one of the biggest portfolios of US-based development projects. As one of the major end-to-end players in the solar market, sPower will concentrate its efforts in four areas. According to the press release, these include completion of the development of about 400MW portfolio of solar PV projects, pairing with developers to fund late-stage projects focused on the development of renewable energy, buying renewable energy operating projects and giving world class operations of projects that produce renewable power.
In the statement, sPower Chief Executive Officer Ryan Creamer 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."
The merger will bring together the expertise of Silverado in early-stage development to sPower's excellence in constructing, funding and managing solar PV assets for the long-term. sPower is now the owner and operator of more than 100 solar PV plants located nationwide and has arrangements with various tax equity providers in the industry, the statement said.
Fir Tree Partners, an investment firm that has around $12 billion of capital under management, has a majority ownership in sPower. It bought Silverado Power late in 2013. Fir Tree makes global investments in public and private firms, real estate and debt, the statement said.