Leeward Renewable Energy (LRE), a key player in the renewable energy sector and a portfolio company of OMERS Infrastructure, has finalized a USD 1.25 billion construction warehouse facility to propel its ambitious expansion plans.
The funding is earmarked to bolster LRE's operating portfolio over the next three years, aligning with its strategic build-out initiatives, the company announced on Monday.
According to LRE, the revolving credit line will specifically finance the development of six fully contracted wind, solar, and battery storage projects.
These projects form part of LRE's extensive pipeline of advanced and construction-ready initiatives, slated for completion and activation between 2024 and 2025.
The administrative agent for the credit facility is Wells Fargo Bank, with Wells Fargo Securities, LLC, and Canadian Imperial Bank of Commerce playing pivotal roles as coordinating lead arrangers and bookrunners, among others.
Currently, LRE manages and operates 32 wind, solar, and energy storage assets across the United States, collectively generating approximately 3 GW of power. The company's robust development pipeline exceeds an impressive 30 GW of additional projects, underscoring its commitment to expanding renewable energy capacity nationwide.
This substantial financing initiative underscores LRE's proactive stance in accelerating renewable energy deployment, reinforcing its pivotal role in driving forward the clean energy transition in the United States.
