Leeward Renewable Energy closes financing for Big Plain and Oak Trail Solar Projects

Leeward Renewable Energy has achieved financial close on approximately $420 million in construction-to-term financing from MUFG Bank Ltd. and a $195 million tax equity commitment from Wells Fargo for its Big Plain Solar Facility located in London, Ohio and its Oak Trail Solar Facility located near Moyock, North Carolina in the USA. 

MUFG served as the Green Loan Structuring Agent, Coordinating Lead Arranger, and Administrative Agent for the construction to term financing, arranging financing commitments from eight financial institutions and Export Development Canada (EDC). The debt was issued under the Green Loan Principles, which aim to facilitate and support environmentally sustainable economic activity.

The Big Plain and Oak Trail Solar facilities are currently under construction and, when completed, will provide a combined 296 MW of renewable energy to Verizon Communications under a long-term power purchase agreement. Both projects are expected to reach commercial operation by mid-2023.