For its Horizon solar facility in Frio County, Texas, Leeward Renewable Energy has closed approximately US$75 million in construction to term financing and an approximately US$105 million tax equity commitment from Wells Fargo.
In order to secure finance commitments from eight financial institutions and Export Development Canada, MUFG Bank functioned as the green loan structuring agent, coordinating lead arranger, and administrative agent for the construction to term financing.
The Green Loan Principles, which support and facilitate environmentally sustainable economic activity, were followed when the debt was issued.
LRE’s previously announced financing for its Big Plain and Oak Trail solar projects has been extended to include finance for the Horizon solar facility.
After Barilla Solar in Reeves County, this will be LRE’s second solar project in Texas and its fifth solar project overall.
Leeward senior vice president of finance Chris Loehr said: “We are pleased to close financing on our Horizon project, and we appreciate the continued confidence from our financial institutions as we grow our solar portfolio.
“This milestone follows the successful development of our recently announced Big Plain and Oak Trail solar projects and further demonstrates our long-term commitment to excellence and ability to deliver on our pipeline of contracted projects.
“We highly value our financial partners’ continued trust and support, particularly under terms that help advance and enhance LRE’s environmental and social initiatives.”
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