US developer Leeward Renewable Energy (LRE) has secured a US$1.25 billion construction warehouse facility to support the construction of its clean energy portfolio in the US.
The facility will fund six solar, wind and battery storage projects with a combined capacity of over 890MW. Projects are expected to be completed and operational throughout this year and 2025.
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Financial entity Wells Fargo Bank is the administrative agent for the three-year credit facility, with Wells Fargo Securities, LLC and Canadian Imperial Bank of Commerce acting as coordinating lead arrangers, bookrunners and green loan coordinators.
“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 of finance.
LRE continues to secure funding to build its renewables portfolio across the US. Last November, the developer raised US$580 million in tax commitments and debt facilities for two projects, including a 179MW solar PV plant in the US state of Arizona. Similarly to this warehouse facility, Wells Fargo was among the banks that provided the tax equity commitment in November.
The renewables developer currently has an operational portfolio of over 3GW and more than 30GW of projects in development, spanning over 130 projects. The developer has a pipeline of solar PV projects spanning across 20 US states. It recently reached commercial operations at a 200MW solar PV plant in Texas. This project had previously secured a power purchase agreement with telecommunications giant Verizon back in 2022.
