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Leeward Renewable Energy Closes Financing for Big Plain and Oak Trail Solar Projects

November 28, 2022

MUFG leads approximately $420 million in Green Loan construction financing and Wells Fargo to provide a tax equity commitment of $195 million for 296 MW of projects in Ohio and North Carolina

DALLAS, TX – November 28, 2022 – Leeward Renewable Energy (“LRE” or “Company”) today announced that it has closed approximately $420 million in construction to term financing from MUFG Bank Ltd. and a $195 million tax equity commitment from Wells Fargo for its Big Plain Solar Facility located in London, Ohio and its Oak Trail Solar Facility located near Moyock, North Carolina.

MUFG served as the Green Loan Structuring Agent, Coordinating Lead Arranger and Administrative Agent for the construction to term financing, arranging financing commitments from eight financial institutions and Export Development Canada (EDC). The debt was issued under the Green Loan Principles, which aim to facilitate and support environmentally sustainable economic activity.

“We are pleased to have secured financing for our Big Plain and Oak Trail projects, marking another significant milestone in the development of our solar energy portfolio,” commented Chris Loehr, Senior Vice President of Finance. “These agreements demonstrate the continued confidence financial institutions hold in our project portfolio and performance as we continue to execute on our contracted 2022 – 2023 pipeline. We appreciate the continued support from each of our participating financial institutions, particularly under terms that help advance and enhance LRE’s own environmental and social initiatives.”

“MUFG is proud to have partnered with Leeward Renewable Energy on another important project,” said Beth Waters, Managing Director, Project Finance, MUFG. “Supporting our clients in building sustainable and renewable energy sources is a crucial tenet of our business, and we look forward to working closely with Leeward on future projects.” 

In 2021, Wells Fargo established its Institute for Sustainable Finance, which supports clients and communities to accelerate the transition to an equitable, low‑carbon economy, including the deployment of $500 billion in financing to sustainable businesses and projects by 2030. Approximately $68 billion in sustainable finance was deployed in 2021.

“We are proud to provide tax equity financing to Leeward for this solar portfolio,” said Samantha Buechner, director in Wells Fargo’s Renewable Energy & Environmental Finance group. “We look forward to continuing to support Leeward and the transition to a low-carbon economy.”

The Big Plain and Oak Trail Solar facilities are currently under construction and, when completed, will provide a combined 296 megawatts (MW) of renewable energy to Verizon Communications under a long-term power purchase agreement. Both projects are expected to reach commercial operation by mid-2023.

About Leeward Renewable Energy, LLC

Leeward Renewable Energy (LRE) is a leading renewable energy company that owns and operates a portfolio of 24 renewable energy facilities across nine states totaling approximately 2,500 megawatts of generating capacity. LRE is actively developing and contracting new wind, solar, and energy storage projects in energy markets across the U.S., with 1.9 gigawatts contracted and 20 gigawatts under development and construction, spanning over 100 projects.  LRE is committed to providing long-term, sustainable energy solutions across all its projects that benefit its community partners while protecting and enhancing the environment.  LRE is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans with C$121 billion in net assets (as of December 31, 2021). For more information, visit www.leewardenergy.com.

For more information:

Kelly Kimberly

713.822.7538

Liz James

281.881.5170

FGS Global

LRE-FGS@SARDVERB.com

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What Our People Say About LRE

I like being on a team that is developing ideas and technology to diversify the way we use our planet’s energy and resources.

Carol K

Involvement in new projects, new challenges, and team work.

Bent K

Opportunities to make an impact and see the results of your work.

Ronald G

The focus on safety and making field work safer.

C.J. H

Coming from the military, camaraderie was important and there is plenty of that here.

Chase G

LRE strives to meet the goals of renewable needs throughout the US and is continuously seeking opportunities to expand its portfolio.

Kory F

LRE has a great group of people focused on getting the job done.

Greg F

I want to work for a company that will have a positive effect on the world.

Corey D

I choose to work in renewable energy because it is a growing industry and good for the environment.

Leena C

I am interested in making our planet a better and less polluted environment for ourselves and for future generations.

Lindy B

I want my work to have a positive impact on the world.

Joseph B

I love working at LRE because everyday is a new opportunity to make a positive impact on the world.

Jason A

I enjoy working in Human Resources for a renewable energy company that is helping to sustain a better future for the next generation.

Chelsea L

To do my part in providing the next generation with environmentally friendly sustainable energy.

Sam M

I have the support from managers and leaders to develop and implement new ideas.

Brandi M

It is exciting to be a part of an emerging industry that we have already seen changing the world.

Kelly P

An environment that creates the perfect work/life balance while maintaining excellent business ethics and professional growth for employees.

Alexandria P

I joined LRE because it was committed to growing and the opportunity set for my career was large and well defined.

Massimo P

An opportunity to learn and grow professionally across legal, financial, engineering, construction, O&M, and other areas of expertise.

Paul P

LRE has a tight knit strong team culture, allowing for access to everything needed for personal and professional growth.

Kyle R

I wanted to be in a growing industry where the future holds a wide variety of opportunities and helps the environment.

Kazi R

I chose the renewable energy field because I’ve always wanted to be part of a shift from fossil fuels to clean energy.

Jonathan S

I decided the best way for me to make an impact on reducing the effects of climate change was for me to work in renewable energy.

Candace W

I chose the field of renewable energy 36 years ago due to my interest in cleaning up the environment, particularly the air quality.

Duane Y

I am passionate about the outdoors and the environment. And I love that I can tell my kids that LRE is part of the solution.

Tedd M

I am proud to work at LRE because I truly believe we make a positive impact on the climate and communities we live in.

Karla B

I’ve always been passionate about protecting the planet and everyone in it which is what makes working for LRE so rewarding.

Evelyn Z

Knowing that I am helping build projects that will contribute to the world’s need for renewable energy motivates me every day.

Joe G

What motivates me are the great people LRE has across all disciplines and aspects of projects leading growth in the renewable energy industry.

Kelly I

I am proud to work at LRE and be part of an established team with a proven track record of operational excellence.

Mark D

I’m a believer in renewable energy and am proud to work for a company that strives to make a positive impact in our communities and world.

Mark H

The work I do directly impacts the company and its ability to provide renewable clean energy to the country.

Olay M

I am motivated by working with a great team and delivering renewable energy while reducing environmental and community impacts.

Chris M

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