Solar Power Partners Raises $100 Million

Solar Power Partners Inc. announced that it has closed a total of $100 million in private equity and debt financing, and that it soon expects to close on another $60 million for project financing. Backers include United Commercial Bank, Globespan Capital Partners, Energy Investors Funds, The Enlightened World Foundation, Carrelton Asset Management, Dry Creek Ventures and Silicon Valley Technology Group.

 

The Mill Valley, Calif.-based company develops, owns and managers a distributed network of mid-size commercial solar energy facilities that is remotely managed from a central location. It had previously disclosed a $6.2 million Series A round, via a regulatory filing.

 

PRESS RELEASE

Solar Power Partners, Inc. (SPP), a leading national commercial solar energy services provider, announced it has closed close to $100 million of equity and debt financing to date. Additionally, SPP expects to close an additional $60 million in committed project financing in 2008; these additional funds will be used for development of solar energy facilities and associated asset management services. SPP’s investors and lenders include: United Commercial Bank, Globespan Capital Partners, The Enlightened World Foundation, Carrelton Asset Management, Dry Creek Ventures, Silicon Valley Technology Group, and most recently, Energy Investors Funds, a leading private equity investor in the US power market, among others. Proceeds from the various financings are for nationwide corporate expansion, project development, and equity participation in SPP’s proprietary special purpose vehicle solar energy funds.

 

About Solar Power Partners, Inc.

 

Solar Power Partners, Inc. (SPP) is a California based renewable energy company that is leading the way in streamlining adoption of clean solar energy by businesses, institutions and municipalities throughout the United States of America. SPP combines in-house solar experience, best-of-breed technologies and best practices of top solar and building industry professionals with the financing strength of Power Purchase Agreements (PPA) and project financing expertise to give building owners a clear path to achieving energy independence at predictable rates and without the risks or costs of owning and maintaining solar energy facilities. For more information on SPP™, please contact us at: 1-415-389-8981 or visit us on the Web at http://www.solarpowerpartners.com