Leeward Renewable Energy (LRE), a developer of solar, wind, and energy storage projects, announced the closing of a $1.25 billion construction warehouse facility. The warehouse provides three years of committed capital to fund a multi-year building 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 GW of capacity. These projects are expected to be completed and operational in 2024 and 2025.
Stoel Rives LLP served as LRE’s legal counsel, while Latham & Watkins acted as the lender’s counsel for the transaction.
Wells Fargo Bank, N.A., is the administrative agent for the three-year credit facility. Wells Fargo Securities, and Canadian Imperial Bank of Commerce acted as Coordinating Lean 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, National Bank of Canada, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank, MUFG Bank, and Truist Securities, also acted as Coordinating Lead and Bookrunners. Additional lenders included First Horizon Bank.
“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.
“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,” said Bobby Ausman, Executive Director in the Renewables and Asset Finance Group in Wells Fargo’s Corporate & Investment Bank.
Mercom’s recently released 1H and Q2 2024 Solar Funding and M&A report announced that large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Last week, Enfinity Global, a U.S.-based renewable energy project developer, closed $164 million (~JPY 26.24 billion) in financing for a 250 MW solar PV project portfolio in Japan.
