![](https://oilandgaspress.com/wp-content/uploads/2021/03/currencysolddollar-3118767_640.jpg)
Leeward Renewable Energy Secures $1.25 Billion in Warehouse Facility Financing to Accelerate Construction of Renewable Energy Projects
Inaugural facility to initially fund more than 890 megawatts of wind, solar and battery energy storage projects
DALLAS–(BUSINESS WIRE)–Leeward Renewable Energy (LRE), a leading renewable energy company, today announced the closing of its $1.25 billion construction warehouse facility (“Construction Warehouse”), marking a significant scaling of its financing capacity to support continued investments in its rapidly growing operating portfolio. The Construction Warehouse provides three years of committed capital designed to fund a multi-year build 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 gigawatt (GW) of capacity, which are expected to be completed and begin operation throughout 2024 and 2025. LRE’s renewable energy platform currently includes more than 3 GW of operating assets and more than 30 GW of projects in its development pipeline to meet rising demand.
“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, Finance. “We are pleased to have the continued support from leading financial institutions, reflecting a shared commitment to advance clean energy. This arrangement further demonstrates the market’s confidence in our strategy of delivering reliable, long-term renewable energy solutions for our customers and contributing meaningfully to the communities we serve and the environment.”
“Wells Fargo is pleased to support LRE and provide the company with capital to help scale and support its growing renewable energy platform,” said Bobby Ausman, Executive Director in the Renewables and Asset Finance Group in Wells Fargo’s Corporate & Investment Bank. “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.”
Wells Fargo Bank, N.A. is the administrative agent for the three-year credit facility. Wells Fargo Securities, LLC and Canadian Imperial Bank of Commerce acted as Coordinating Lead 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 S.P.A., National Bank of Canada, Natixis, Sumitomo Mitsui Banking Corporation, Standard Chartered Bank, MUFG Bank, Ltd., and Truist Securities, Inc. also acted as Coordinating Lead Arrangers and Bookrunners. Additional lenders included First Horizon Bank.
LRE’s legal counsel for the transaction was Stoel Rives LLP, while lender counsel was Latham & Watkins LLP.
About Leeward Renewable Energy
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 32 wind, solar, and energy storage facilities across the United States, totaling approximately 3 gigawatts 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$128.6 billion in net assets (as at Dec 31, 2023). For more information, visit www.leewardenergy.com.
Contacts
For more information:
Kelly Kimberly
713.822.7538
Liz James
281.881.5170
FGS Global