Solar Power Partners Announces that it Secures $160 Million in Financing

Solar Power Partners, Inc. (SPP), a California-based company that develops, owns, and operates distributed solar energy facilities and sells solar-generated electricity through Power Purchase Agreements (PPA), recently announced it has closed approximately $100 million of equity and debt financing.  The company also 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 related 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 Energy Investors Funds. The company said that the funds obtained from its various financings will be used for nationwide corporate expansion, project development, and equity participation in SPP’s proprietary special purpose vehicle solar energy funds.

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