LRE secures $1.25 billion in financing for 890 MW portfolio in the US

Financial entity Wells Fargo Bank is serving as administrative agent for the three-year credit facility, and Wells Fargo Securities, LLC and Canadian Imperial Bank of Commerce are serving as lead coordinators, bookrunners and green loan coordinators.

“LRE has experienced tremendous growth and this financing agreement supports our momentum by providing financing for the construction of renewable energy projects that we have in our development pipeline over the next three years,” said Chris Loehr, senior vice president of finance at LRE.

LRE continues to secure financing to build out its renewable portfolio across the U.S. Last November, the developer secured $580 million in tax-deposit and debt facilities for two projects, including a 179-megawatt solar facility in Arizona. As with the storage facility, Wells Fargo was among the banks that provided the tax-deposit in November.

The renewable energy developer currently has an operating portfolio of over 3 GW and over 30 GW of projects in development, spanning over 130 projects. The developer has a pipeline of solar projects spanning 20 U.S. states. It recently achieved commercial operation at a 200-MW solar facility in Texas. That project previously secured a power purchase agreement with telecommunications giant Verizon in 2022.