Leeward Renewable Energy, a Texas-based company, has recently been granted funding for 296 megawatts of solar PV projects in North Carolina and Ohio. The company just added another renewable energy installation to its collection, which now includes 24 across the United States.
Wells Fargo & MUFG Bank have given the necessary financing for the projects. MUFG has provided around US$420 million in construction financing. Similarly, Wells Fargo has given a tax equity commitment worth US$195 million. The Big Plain Solar project, located in London, Ohio, will have a 196 MW capacity, while the Oak Trail facility near Moyock, North Carolina, is projected to produce 100 MW of energy.
MUFG provided its financing under the Green Loan Principles to promote environmentally sustainable economic activity. MUFG worked as the coordinated lead arranger, the green loan structuring agent & administrative agent for the construction to term financing. The company also secured financial contributions from a number of other institutions as part of the debt.
To create a more sustainable future, Wells Fargo established the Institute for Sustainable Finance in 2021. By 2030, it plans to invest US$500 billion into sustainable projects and businesses.
“Leeward Renewable Energy is thrilled to have finally secured the financing for our Oak Trail projects and Big Plain,” said Chris Loehr, senior vice president of finance. This achievement signifies another considerable milestone in developing our solar energy portfolio. These agreements illustrate the trust and confidence these financial institutions continue to have in our project portfolio and performance as we work to achieve our contracted 2022–23 pipeline.
With a current pipeline of 20GW projects under development or construction, Leeward is set to make a big impact in the coming years.
Construction for the Ohio and North Carolina projects kicked off in August and October. In January, the company entered into a long-term supply agreement with First Solar for 1 gigawatt of its thin-film modules.
Under a long-term power purchase agreement (PPA), both projects will supply Verizon Telecommunications with an alternative, cleaner energy source. Leeward has a past working relationship with Verizon, signing 360MW worth of PPAs with the company in January.
Jonas Muthoni is an entrepreneur and renewable energy expert. He is the founder of MicroGridMedia.com, a website dedicated to bringing the latest news and information about solar energy and other renewable energy sources to the public. Jonas is passionate about promoting sustainable energy solutions and educating the public about the benefits of renewable energy. He is a regular speaker at industry events and conferences and is committed to driving the transition to a cleaner and more sustainable energy future.