Leeward Renewable Energy closes financing for its Horizon solar project
In Texas, Leeward Renewable Energy (LRE) announced it has closed approximately $75 million in construction to term financing from MUFG Bank Ltd. and an approximately $105 million tax equity commitment from Wells Fargo for its Horizon solar facility located in Frio County, Texas. The company noted that the debt was issued under the Green Loan Principles, which aim to facilitate and support environmentally sustainable economic activity. The financing for the Horizon solar facility is an extension of LRE’s previously announced financing for its Big Plain and Oak Trail solar projects. This will be LRE’s fifth solar project in the country and the second solar project in Texas, after Barilla Solar in Reeves County. “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,” said Chris Loehr, SVP of Finance at LRE. “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.” The Horizon solar facility is currently under construction. Once completed, it will generate enough electricity to power over 42,000 US homes annually, providing 200 megawatts of renewable energy to Verizon Communications under a long-term power purchase agreement. The project is expected to reach commercial operation later in 2023, LRE said.
