sPower, a leading renewable energy provider, earlier this week announced a deal with FLS Energy that entails the purchase of equity interest in three separate FLS Energy solar portfolios in North Carolina. The fixed tilt ground mount facilities, 16 in total, achieved commercial operation in 2013 and 2014.
“A key tenet in sPower’s management philosophy is seeking out partners and projects that drive growth in the solar industry,” said Ryan Creamer, sPower CEO. “FLS Energy is clearly amongst the most knowledgeable and successful solar energy companies on the East Coast. We look forward to a long and mutually beneficial relationship.”
The portfolio, named "sPower FLS North Carolina Solar 1," has 15-year PPAs with Duke Energy Carolinas and Duke Energy Progress. Cohn Reznick Capital Markets advised on the project. Stoel Rives LLP, a business law firm known for its leadership in corporate, energy, environmental, land use and project development law, assisted sPower with the negotiation and documentation of the acquisition.
“FLS is pleased with the sale of the equity interest in these assets based on sPower’s proven abilities as a quality independent power provider and leader in the solar industry,” said Dale Freudenberger, CEO of FLS Energy. “This investment will further enhance FLS Energy’s ability to develop our pipeline and continue to create high paying, permanent North Carolina clean energy jobs. We expect additional strategic opportunities for our organizations to work together in the near future.”