Leeward secures $1.25 billion in financing for warehouse facility

Leeward Renewable Energy (LRE), a leading renewable energy company, has secured $1.25 billion in financing for the construction of its construction warehouse, significantly increasing its financing capacity to support further investments in its rapidly growing operating portfolio.

The facility provides three years of committed capital to fund a multi-year plan to build advanced and ready-to-build projects from LRE’s pipeline. The initial $1.25 billion revolving credit facility will fund construction of six fully contracted wind, solar and battery storage projects, with a combined capacity of nearly 1 gigawatt, scheduled for completion and start-up in 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 the pipeline to meet growing demand.

“LRE has experienced tremendous growth, and this financing agreement supports our momentum by financing the construction of renewable energy projects in our development pipeline over the next three years,” said Chris Loehr, Senior Vice President of Finance at LRE. “We are pleased to have the continued support of leading financial institutions, reflecting our shared commitment to clean energy. This agreement further demonstrates the market’s confidence in our strategy to deliver reliable, long-term renewable energy solutions to our customers and to make a significant contribution to the communities we serve and the environment.”

“Wells Fargo is pleased to support LRE and provide the company with capital to help it scale and support its growing renewable energy platform,” said Bobby Ausman, executive director, Renewables and Asset Finance Group, Wells Fargo’s Corporate & Investment Bank. “The warehouse facility will further provide LRE with access to multiple sources of permanent capital as it executes on its strategy to develop and own long-term renewable energy solutions.”

Stoel Rives LLP acted as legal counsel to LRE in connection with the transaction, while Latham & Watkins LLP acted as legal counsel to the credit side.