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.
Country updates
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November 29, 2022
Campbell, Enel North America sign PPA for 115 MW wind project in Oklahoma
Campbell Soup Company and Enel North America have signed a 12-year virtual renewable power purchase agreement (PPA) to support Campbell’s goals to lessen its greenhouse gas emissions. Campbell w...
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November 28, 2022
Pattern Energy secures approval for wind and transmission project in Arizona and New Mexico
Pattern Energy Group LP has announced that the Arizona Corporation Commission (ACC) unanimously approved its 3 GW SunZia Transmission project. Similarly, the company's 3.5 GW SunZia Wind Projects were...
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November 24, 2022
Duke Energy buys 100 MW solar PV project in Mississippi
Clearway Energy Group has sold the 100 MW Wildflower solar photovoltaic (PV) project to Duke Energy Sustainable Solutions. The solar farm will produce sufficient energy to power around 21,000 houses i...
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November 22, 2022
Vestas to supply 178 MW of wind turbines for US wind project
Vestas has secured an order for 178 MW to power an undisclosed wind project in the US. The order includes 23 V150-4.5 MW turbines, 14 V150-4.2 MW turbines operating at 4.3 MW, and four V136-3.45 MW tu...
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November 22, 2022
Honda, LG to build US$4.4bn car battery plant in Ohio
Honda Motor and LG Energy Solution have decided to build a US$4.4 billion joint venture (JV) battery plant in Ohio, United States. Honda will invest an additional US$700 million to retool three Ohio...
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