Leeward Renewable Energy bags financing for 296MW of US solar projects

Facebook
Twitter
LinkedIn
Reddit
Email
An operational solar project in Ohio. Image: United Renewable Energy.

Texas-headquartered developer Leeward Renewable Energy has closed financing for 296MW worth of solar PV projects in Ohio and North Carolina, adding to its 24-strong portfolio of renewable energy installations across the US.

MUFG Bank and Wells Fargo have provided the financing. MUFG has put up approximately US$420 million in construction financing and Wells Fargo has provided a US$195 million tax equity commitment.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The Big Plain Solar project in London, Ohio, is a 196MW facility, and the Oak Trail Solar facility near Moyock, North Carolina, is forecast to have a 100MW capacity.

MUFG issued its financing under the Green Loan Principles, which facilitate environmentally sustainable economic activity. It acted as the green loan structuring agent, coordinating lead arranger and administrative agent for the construction to term financing in addition to securing financial contributions from a number of institutions as part of the debt.

Wells Fargo introduced its Institute for Sustainable Finance in 2021, aiming to deploy US$500 billion to sustainable projects and businesses by 2030.

“We are pleased to have secured financing for our Big Plain and Oak Trail projects, marking another significant milestone in the development of our solar energy portfolio,” said Chris Loehr, senior vice president of finance at Leeward Renewable Energy.

“These agreements demonstrate the continued confidence financial institutions hold in our project portfolio and performance as we continue to execute on our contracted 2022–2023 pipeline.”

Leeward has a current pipeline of 20GW projects either under development or construction.

The Ohio and North Carolina projects began construction in August and October respectively. In January, the company signed a multi-year supply agreement with First Solar for 1GW of its thin-film modules.

The totality of power from both projects will be supplied to Verizon Telecommunications in a long-term power purchase agreement (PPA). Leeward has history with Verizon, having signed 360MW worth of PPAs with the company in January.

Read Next

October 8, 2025
US solar module prices jumped in Q3 2025 as developers scrambled to meet the 2 September 2025 safe harbour deadline for Investment Tax Credit (ITC) qualification, according to supply chain platform Anza.
Premium
October 8, 2025
PV Talk: Smart Energy Council's Nigel Morris reflects on how Australia has become a global testbed for distributed solar and storage innovation.
October 8, 2025
Officials from Norway and Egypt have agreed provisional terms for the financing of the Dandara solar park in Egypt, which is being built and operated by Norwegian IPP Scatec.
October 8, 2025
Saatvik Green Energy has secured new solar PV module orders worth more than INR7 billion (US$84 million), to be delivered in this financial year.
October 8, 2025
Australia's NEM achieved a new minimum operational demand record of 9,666MW, marking a 4% decrease from the previous record.
October 8, 2025
Frontier Energy plans to expand its Waroona Renewable Energy Project into a renewable energy precinct by 2031, targeting up to 1GW solar.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK