Leeward Renewable Energy Secures $1.25 Billion in Warehouse Facility Financing to Accelerate Construction of Renewable Energy Projects
15 July 2024 - 11:00PM
Business Wire
Inaugural facility to initially fund more than
890 megawatts of wind, solar and battery energy storage
projects
Leeward Renewable Energy (LRE), a leading renewable energy
company, today announced the closing of its $1.25 billion
construction warehouse facility (“Construction Warehouse”), marking
a significant scaling of its financing capacity to support
continued investments in its rapidly growing operating portfolio.
The Construction Warehouse provides three years of committed
capital designed to fund a multi-year build plan of advanced and
construction-ready projects from LRE’s development pipeline.
Initially, the $1.25 billion revolving facility will fund the
construction of six fully contracted wind, solar and battery
storage projects, totaling nearly 1 gigawatt (GW) of capacity,
which are expected to be completed and begin operation throughout
2024 and 2025. LRE’s renewable energy platform currently includes
more than 3 GW of operating assets and more than 30 GW of projects
in its development pipeline to meet rising demand.
“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,” said Chris Loehr, LRE’s Senior Vice President,
Finance. “We are pleased to have the continued support from leading
financial institutions, reflecting a shared commitment to advance
clean energy. This arrangement further demonstrates the market’s
confidence in our strategy of delivering reliable, long-term
renewable energy solutions for our customers and contributing
meaningfully to the communities we serve and the environment.”
“Wells Fargo is pleased to support LRE and provide the company
with capital to help scale and support its growing renewable energy
platform,” said Bobby Ausman, Executive Director in the Renewables
and Asset Finance Group in Wells Fargo’s Corporate & Investment
Bank. “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.”
Wells Fargo Bank, N.A. is the administrative agent for the
three-year credit facility. Wells Fargo Securities, LLC and
Canadian Imperial Bank of Commerce acted as Coordinating Lead
Arrangers, Bookrunners and Green Loan Coordinators. Royal Bank of
Canada, The Toronto-Dominion Bank, Banco Bilbao Vizcaya Argentaria
S.A., BNP Paribas, Fédération des Caisses Desjardins du Quebec,
Intesa Sanpaolo S.P.A., National Bank of Canada, Natixis, Sumitomo
Mitsui Banking Corporation, Standard Chartered Bank, MUFG Bank,
Ltd., and Truist Securities, Inc. also acted as Coordinating Lead
Arrangers and Bookrunners. Additional lenders included First
Horizon Bank.
LRE’s legal counsel for the transaction was Stoel Rives LLP,
while lender counsel was Latham & Watkins LLP.
About Leeward Renewable Energy
Leeward Renewable Energy (LRE) is a high-growth renewable energy
company building a sustainable future for all. The company owns and
operates a portfolio of 32 wind, solar, and energy storage
facilities across the United States, totaling approximately 3
gigawatts of generating capacity and is actively developing and
contracting a robust pipeline of new renewable energy projects. LRE
takes a tailored, full-lifecycle approach to its projects, which is
underpinned by its long-term ownership model and purpose-driven
culture that is dedicated to benefiting its community partners
while protecting and enhancing the environment. LRE is a portfolio
company of OMERS Infrastructure, an investment arm of OMERS, one of
the largest defined pension plans in Canada, with C$128.6 billion
in net assets (as at Dec 31, 2023). For more information, visit
www.leewardenergy.com.
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For more information: Kelly Kimberly 713.822.7538 Liz
James 281.881.5170 FGS Global lre@fgsglobal.com