Leeward secures financing scheme for Rabbitbrush solar-plus-storage project in California

Leeward Renewable Energy has completed the construction and tax equity financing for the development of the 100 MW with a 20 MW/50 MWh Rabbitbrush solar-plus-storage project that will be located in Kern County in California, USA. 

The group of financial institutions composed of Wells Fargo, Silicon Valley Bank and MUFG has extended a total of US$58.5 million in construction debt financing while JP Morgan provided about US$12.5 million and pledged an additional US$50 million once the solar farm is operational. 

The energy produced from the solar farm will be sold to community-owned power suppliers Central Coast Community Energy (CCCE) and Silicon Valley Clean Energy (SVCE) under a 15-year power purchase agreement (PPA).