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Salt Lake City — Silverado Power, a portfolio company of Fir Tree Partners, has completed a merger with solar independent power producer Sustainable Power Group. The newly created entity will be called sPower.
The new company will maintain offices in Salt Lake City, Utah and San Francisco, California and will use sPower’s name, logo and website (www.sPower.com&esheet=50810088&newsitemid=20140224005774&lan=en-US&anchor=www.sPower.com&index=1&md5=bbb2f49b50b3e4c7a2c682818216646b" target="_blank">www.sPower.com).
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.
The combined company will focus on completing development of its approximately 400 megawatt portfolio of solar PV 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.
Headquartered in Salt Lake City, Utah, sPower owns and operates more than 100 solar PV facilities nationwide.
“sPower has proven that we can build, operate and finance solar projects on a large scale,” said Ryan Creamer, CEO of sPower. “With the Silverado team, we hope to build at least 100 megawats of solar projects in 2014 and over 150 megawats in 2015.”