Leeward Renewable Energy closes financing for 174 MW solar-plus-storage project in California

Leeward Renewable Energy (LRE) has closed US$260 million in construction financing and tax equity commitments for its 174 MW Chaparral Springs Solar + BESS Facility project in Kern County, California, USA.

Wells Fargo was the administrative, green structuring agent, and coordinating lead arranger for the construction finance. MUFG and Silicon Valley Bank were joint lead arrangers. In addition, J.P. Morgan invested around US$29 million in tax equity and pledged to invest an additional US$114 million once the project is operational in September 2023.

The project, under construction, will supply 174 MW of renewable energy to Peninsula Clean Energy and Valley Clean Energy. The facility' 88 MW/352 MWh battery storage facility will supply electricity to the two suppliers, strengthening the region's clean power grid.