Leeward Renewable Energy has raised a $1.25 billion financing package in the US
It plans to support the construction of around 1 GW of wind, solar and battery storage projects
These are fully contracted and targeted to become operational between 2024 and 2025
US-based renewable energy company Leeward Renewable Energy (LRE) has raised a construction warehouse facility to initially fund more than 890 MW of wind, solar and battery energy storage projects.
The $1.25 billion loan provides it with 3 years of committed capital to fund a multi-year build plan of advanced and construction-ready projects from its development pipeline.
The initial portfolio this will support comprises 6 fully contracted wind, solar and battery storage projects all of which are targeted to become operational throughout 2024 and 2025.
A portfolio company of OMERS Infrastructure, Leeward says its current development pipeline is over 30 GW strong along with more than 3 GW as operational assets. Leeward had acquired First Solar’s 10 GW AC project development platform in January 2021, back when its own development pipeline was 4 GW DC (see First Solar Selling US Project Development Business).
The 3-year credit facility has the backing of a number of financial institutions including the Royal Bank of Canada, National Bank of Canada, Natixis, MUFG Bank, among others with Wells Fargo Bank as the administrative agent.
The Executive Director in the Renewables and Asset Finance Group in Wells Fargo’s Corporate & Investment Bank, Bobby Ausman said, “The warehouse facility will further provide LRE optionality to access diverse sources of permanent capital as it pursues its strategy to develop and own long-term renewable energy solutions.”
.png?w=50&fm=png){kind=logo}