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Leeward Renewable Energy Closes Financing for Chaparral Springs Solar + Storage Project

January 10, 2023

Wells Fargo, MUFG and Silicon Valley Bank to provide $260 million in Green Loan construction financing; J.P. Morgan Chase to provide $143 million tax equity investment

LRE expands footprint in California with 174-megawatt (MW) solar facility and 88-MW storage facility

DALLAS – January 10, 2023 – Leeward Renewable Energy (“LRE” or “Company”) today announced it has closed approximately $260 million in construction financing and secured tax equity commitments for its Chaparral Springs Solar + BESS Facility located in Kern County, California. Wells Fargo served as the administrative, green structuring agent, and coordinating lead arranger on the construction financing, and MUFG and Silicon Valley Bank served as joint lead arrangers. The debt was issued under the Green Loan Principles, which aim to facilitate and support environmentally sustainable economic activity. Additionally, J.P. Morgan provided approximately $29 million of tax equity investment and committed to investing an additional approximately $114 million once the project is operational, which is expected to occur in September 2023.

The Chaparral Springs Solar + BESS Facility is currently under construction and, when completed, will provide 174 megawatts (MW) of renewable energy to two not-for-profit, community-owned electricity providers, Peninsula Clean Energy and Valley Clean Energy, through two 15-year power purchase agreements. Chaparral Springs will also deliver electricity to the two providers from its 88 MW, 352 MWh battery storage system, which will further improve the resiliency of the region’s clean power grid.

The financing for the Chaparral Springs Solar + BESS facility is an extension of LRE’s previously announced financing for its Rabbitbrush solar and storage project, also in Kern County, and further expands the Company’s generation capacity in the county and its growing portfolio of three integrated solar-plus-storage facilities.

“We are pleased to close financing on our Chaparral Springs project and our continuing expansion of our relationship with each of these leading financial institutions as we grow our solar-plus-storage presence in California,” said Chris Loehr, Senior Vice President of Finance. “This milestone follows the successful development and operation of our Rabbitbrush Solar project, which is adjacent to Chaparral Springs, and further demonstrates our commitment to excellence and ability to deliver on our pipeline of contracted projects. We value the continued support from our financial partners as we continue to drive our sustainability mission in all we do.”

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@fgsglobal.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.

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The focus on safety and making field work safer.

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

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

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

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

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

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

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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.

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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.

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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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