Leeward Renewable Energy Closes Financing for White Wing Ranch Solar and GSG Wind Projects
$580 million of tax equity commitments and debt facilities to support construction of 179-MW solar facility in Arizona and repowering of LRE’s legacy 80-MW wind facility in Illinois
DALLAS–(BUSINESS WIRE)–Leeward Renewable Energy (LRE) today announced it has closed approximately $580 million of tax equity commitments and debt facilities, for its White Wing Ranch Solar and GSG Wind projects located in Yuma County, Arizona and LaSalle County, Illinois, respectively. The tax equity commitment was made by Wells Fargo Bank, N.A., and the debt facility was provided by Mizuho Bank, Ltd., National Bank of Canada, Société Générale, and Sumitomo Mitsui Trust Bank, Ltd.
The repowered GSG Wind is expected to be operational in December 2023. LRE recently decommissioned the 40 turbines that comprised LRE’s legacy 80-megawatt (MW) wind facility and commenced construction on 26 new turbines with enhanced capacity, reliability, and performance.
White Wing Ranch Solar is expected to be operational in the second half of 2024 and onsite construction has been underway on the 179-MW facility.
“We are pleased to have closed construction financing on our White Wing Ranch Solar and GSG Wind projects. This key milestone reflects the continued confidence from leading financial institutions and knowledgeable investors in LRE’s growth plans and our ability to execute,” said Chris Loehr, Senior Vice President of Finance at LRE. “We have completed a record amount of financing for LRE projects this year and we are looking forward to carrying this momentum into 2024.”
Andrew Kho, Managing Director with Wells Fargo Renewable Energy & Environmental Finance, said, “Wells Fargo is pleased to provide tax equity financing for White Wing Ranch Solar and GSG Wind as LRE continues to expand its renewable energy platform. Providing expertise and capital to renewable energy projects supports our goal of deploying $500 billion in sustainable financing by 2030, helping customers and communities transition to a resilient, equitable and sustainable future.”
“Renewable energy will play a critical role in advancing energy transition in the U.S.,” said Rahul D. Shah, Head of Project Finance at Mizuho Americas. “Mizuho is pleased to support the growth of LRE’s renewable energy portfolio and is committed to providing our clients with strategic and financing solutions to help achieve their goals.”
Both projects will further advance LRE’s goal to become one of the top renewable energy providers in the U.S. and are consistent with the Company’s commitment to environmental stewardship. As previously announced, LRE will recycle or reuse 100 percent of the wind turbine blades from the decommissioned turbines at GSG Wind. At White Wing Ranch Solar, LRE is pursuing innovative land management practices to promote the regeneration of native desert ecosystems.
About Leeward Renewable Energy, LLC
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 26 wind, solar, and energy storage facilities across the United States, totaling approximately 2,700 megawatts 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$127.4 billion in net assets (as at June 30, 2023). For more information, visit www.leewardenergy.com.
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