July 23, 2013: sPower Acquires the Assets of Tioga Energy
Company Acquires Solar Project Developer
sPower said its acquisition of Tioga’s assets comes on the heels of an aggressive acquisition and expansion plan it has been executing since its inception and demonstrates its commitment to become a leading independent power producer focused on sustainable forms of energy. sPower now operates solar photovoltaic (PV) arrays in Arizona, California, Connecticut, Hawaii, Indiana, Massachusetts, New Jersey, New York, and Utah. In addition to the operating assets, sPower has acquired all intellectual property owned by Tioga Energy including its SurePath® Solar Power Purchase Agreement.
Tioga’s projects were financed by HSH Nordbank, PNC Bank, De Lage Landen, and Wells Fargo, who all supported the transaction. sPower is stepping into the shoes of Tioga for the existing projects and will continue to service the project financing obligations and operate the projects in partnership with the banks.
“We are pleased to have such a strong and experienced group as sPower take over our projects,” said Paul Detering, former CEO of Tioga. “We know that sPower will be a good steward of what we built and we are proud to turn our valuable customers over to a proven leader in the solar industry.”
“The purchase of the Tioga assets demonstrates sPower’s commitment to the long-term success of the solar industry and to sPower’s continued growth,” said Ryan Creamer, CEO of sPower. “Distributed solar is a key component in the overall solution to our nation’s energy future. This acquisition increases our overall breadth and ability to deliver the highest quality distributed generation projects and we are excited for the new relationships and partners we have developed throughout this process.”
For more information, visit www.spower.com.
Publication date: 7/22/2013