Leeward Renewable Energy Secures $1.25 Billion Financing to Fund Renewable Projects
Leeward Renewable Energy (LRE), a prominent renewable energy company, announced the successful closing of a $1.25 billion construction warehouse facility, significantly enhancing its financing capacity to support ongoing investments in its expanding portfolio. The facility, which offers three years of committed capital, is designed to fund a multi-year construction plan for advanced and ready-to-build projects from LRE's development pipeline.
Initially, the revolving facility will finance the construction of six fully contracted wind, solar, and battery storage projects, totaling nearly 1 gigawatt (GW) of capacity. These projects are scheduled to be completed and operational in 2024 and 2025. Currently, LRE's renewable energy platform comprises over 3 GW of operational assets and more than 30 GW of projects in development to meet increasing demand.
Chris Loehr, LRE's Senior Vice President, Finance, stated, "LRE has experienced tremendous growth, and this financing arrangement supports our momentum by funding the construction of renewable energy projects in our development pipeline over the next three years. We are pleased to have the continued support from leading financial institutions, reflecting a shared commitment to advance clean energy."
Wells Fargo Bank, N.A. is the administrative agent for the credit facility, with Wells Fargo Securities, LLC and Canadian Imperial Bank of Commerce serving as Coordinating Lead Arrangers, Bookrunners, and Green Loan Coordinators. Other participating financial institutions include Royal Bank of Canada, The Toronto-Dominion Bank, and BNP Paribas, among others. Stoel Rives LLP acted as LRE's legal counsel, while Latham & Watkins LLP represented the lenders.
Source: businesswire.com
