Firm Background SPP combines strategic financial expertise with design, engineering, and system management to provide solar energy to businesses, municipalities, and schools. Solar Power Purchase Agreement and funding execution capabilities have made SPP one of the premier solar developers in the country, and the most successful for a company of its size. SPP owns, maintains, monitors, and manages its solar facilities, enabling customers to buy power instead of the power plant. To date, SPP has developed, financed, and brought into operation 37 facilities totaling 12.8 MW. Contents: Overview Key Facts Service Offering Financial Viability Project Portfolio 5 Things to Know about SPP SPP is the third largest distributed solar energy developer in the U.S. Founded in 2006, SPP is located in Mill Valley, CA.
Key Facts Founded August 2006 Headquarters 100 Shoreline Hwy, Suite 210 B Mill Valley, California, USA 415.389.8981 www.solarpowerpartners.com Partnership Funds Completed Fund I: $35M Fund II: $73M Completed Projects 37 / 12.8 MW Projects Under Construction 5 / 1.1 MW Project Pipeline ~91 MW near-term ~582 MW mid and long-term Corporate Investors Energy Investors Funds Globespan Capital Partners Carrelton Asset Management Dry Creek Ventures LLC Silicon Valley Technology Group Project Investors Bank of America Macquarie Bank Energy Investors Funds (EIF) TD Banknorth Markets Served Water districts Schools and universities Hospitals and healthcare Municipalities Airports Detention centers Nonprofits Agriculture Commercial Leadership Board of Directors John Eastwood, Chairman of the Board Ullas Naik, Globespan Partners Jose A. Torres-Monllor, EIF John Bueller, EIF Corporate Officers G. Robert Powell, President and CEO Alexander v. Welczeck, Chief Strategy Officer
Service Offering Solar Power Purchase Agreements A solar Power Purchase Agreement (PPA) is a long-term agreement to buy power from a company that produces electricity. Using our own source of funds, we build a solar energy facility on a customer s site and operate and maintain the facility for 20 years or longer. No upfront costs SPP provides the capital to develop the solar facility, freeing your capital for use in your core business. Stable energy rates An SPP solar PPA is a long-term energy contract with defined pricing for every kwh you consume. Minimal risk and hassle We optimize, maintain, and warrant the system for the life of the PPA you pay only for the power generated. Simplified approval process Solar PPAs are often much easier to justify to management (or Boards and councils) than a lease or outright capital purchase. Design and Engineering We oversee the design and engineering on projects through our Operations and Technology team. We work to ensure quality assurance in our technology. Construction Management For every project, we provide construction management by reviewing every aspect of the installation and engineering process and contributing solutions. Asset Management Our Asset Management team conducts detailed, string-level monitoring, including predictive maintenance and customized programs for each facility.
Financial Viability Obtaining Financial Backing: A Key Strength The company was founded in 2006, and quickly gained solid financial backing based on a sound business model, key relationships, and expertise in each required area competence for solar development. SPP has closed two project investment funds totaling over a hundred million dollars working with an A- list of corporate investors and project investment partners. These include Energy Investors Funds, Globespan Capital Partners, Carrelton Asset Management, Dry Creek Ventures LLC, Silicon Valley Technology Group, and The Enlightened World Foundation. Since inception, SPP has built an impressive portfolio of successful projects, thus helping our passionate host customers deploy solar energy for their schools, colleges and universities, water districts, municipalities, airports and detention centers, healthcare facilities, and commercial facilities. The key to SPP s evolution has been its ability to execute on a large scale with reputable financial institutions. This, in turn, has allowed the company to successfully raise both corporate and project capital. To date, the company has raised financing for two distributed solar funds and is in the process of accepting projects into its third. Project Financing SPP s past experience developing and financing 37 projects (with 5 currently under construction) has enabled the company to leverage its reputation in the marketplace towards future development even during the current tough economic climate. Currently under development is SPP s Fund III for which SPP has secured commitments for tax equity, construction financing, and long term debt. The tax equity will be provided by a large US-based bank with the debt provider a large European bank with extensive experience in renewable energy financing. With more development underway and our funding expected to become more widely available, we anticipate that the financing future solar funds will become less challenging. Corporate Financing A critical factor in our success to date has been the support of its corporate investors. Energy Investors Funds (EIF), one of the world s leading investors in private power projects with over $3.4B in capital, has been the major stakeholder in Solar Power Partners providing corporate and interim project financing to help with the company s growth. EIF s commitment to distributed solar is evident in their total investment to date of $30M. Globespan Capital Partners, a leading Silicon Valley venture capital firm, is also a significant investor in SPP. SPP has engaged Deloitte & Touche to prepare audited financials for all of its activities by the end of August. Despite having unaudited financials, Solar Power Partners has been through corporate and bank financings with Bank of America, Energy Investors Funds, Globespan Capital Partners, Macquarie Bank, and other sophisicated investors and lenders.
Project Portfolio PROJECT SYSTEM SIZE DC LOCATION Valley Center Water District 1,108.00 kw Valley Center, CA West County Wastewater District 1,046.64 kw Richmond. CA Redwood Valley Water District 99.20 kw Capella, CA CalTech 238.68 kw Pasadena, CA University of California San Diego 878.22 kw San Diego, CA Point Loma Nazarene University 488.88 kw San Diego, CA Lagunitas School 58.82 kw Lagunitas, CA York School 37.05 kw Monterey, CA Marshall Medical 668.80 kw Cameron Park, CA St. Mary s Hospital 226.80 kw Apple Valley, CA Fresno Yosemite Airport (two) 2400 kw Fresno, CA Placer County Detention Center 399.96 kw Auburn, CA British Telecom Infonet Services 601.02 kw El Segundo, CA Roche Palo Alto 967.68 kw Palo Alto, CA Commercial properties (three) 346.50 kw San Francisco, CA Abbey Ranch 59.40 kw Vina, CA Borges of CA 269.78 kw Glenn, CA Maui Economic Development Board 65.00 kw Maui, HI Seventh Day Adventist 103.71 kw Clovis, CA Cafe Moto 32.73 kw San Diego, CA Grocery chain - American Canyon 257.40 kw American Canyon, CA Grocery chain - Camarillo 115.71 kw Camarillo, CA Grocery chain - Chico 249.60 kw Chico, CA Grocery chain - Dublin 249.60 kw Dublin, CA Grocery chain - Fairfield 227.20 kw Fairfield, CA Grocery chain - Morgan Hill 249.60 kw Morgan Hill, CA Grocery chain - Placerville 255.84 kw Placerville, CA Grocery chain - Simi Valley 144.97 kw Simi Valley, CA Grocery chain - Corona 204.82 kw Corona, CA Grocery chain - Mill Valley 159.53 kw Mill Valley, CA Grocery chain - Monrovia 230.09 kw Monrovia, CA Grocery chain - Murrieta 198.17 kw Murrieta, CA Grocery chain - Oxnard 187.53 kw Oxnard, CA Grocery chain - Santa Rosa 250.80 kw Santa Rosa, CA Grocery chain - Mira Loma 238.07 kw Mira Loma, CA Grocery chain - Pasadena 110.00 kw Pasadena Grocery chain - Soquel 240.80 kw Soquel Grocery chain - Upland 202.48 kw Upland UC San Diego, Phase II 307.5 kw San Diego, CA In progress Total solar systems: 42 or 14 MW
5 Things to Know About SPP 1 We have a proven track record. SPP has developed, operates, and manages 40 distributed commercial solar installations across the US. We ve worked hard to put together a world-class team that ensures our projects are modeled, developed, and operated with efficiency and a high level of quality. 2 We re experts in our area. We ve gathered experts with long careers in strategic areas such as tax finance, finance modeling, and the energy industry. We ve proven our capability to fund all of our projects. 3 Our processes are industry-vetted. Our highly-detailed savings and energy production analyses have become industry standards. Our diligent project analysis is vetted over and over again by independent third parties, who find that we use real calculations and never base numbers on assumptions. 4 Our facilities perform at or above expectation. Each of our solar energy facilities perform at or above expectation, creating high value for our investors, and delivering power for our clients. There are no capital, monitoring, or maintenance costs for the customer. 5 We re passionate about our partnerships. Backed by one of the most solid energy investors in the world, we ve proven our long-term viability. Because SPP will own and operate each installation for 20+ years, we only use construction and energy efficiency partners and solar equipment manufacturers who can meet our extremely high internal standards for long-term quality.