USA’s Leeward RE Raises $260 Mn For Chaparral Springs Solar + Storage Project in California

Highlights :

  • Wells Fargo, MUFG and Silicon Valley Bank to provide $260 million in Green Loan construction financing; J.P. Morgan Chase to provide $143 million tax equity investment.
  • Leeward expands footprint in California with 174-megawatt (MW) solar facility and 88-MW storage facility.

Leeward Renewable Energy, A US based firm that delves into the development of new wind, solar, and energy storage projects in energy markets across the US, has announced that it has closed about $260 million in construction financing and secured tax equity commitments for its Chaparral Springs Solar + BESS Facility. The renewable energy project is located in Kern County, California, USA.

Leeward held that Wells Fargo served as the administrative, green structuring agent, and coordinating lead arranger on the construction financing, and MUFG and Silicon Valley Bank served as joint lead arrangers.

The debt was issued under the Green Loan Principles, which aim to facilitate and support environmentally sustainable economic activity. Leeward also informed that JP Morgan provided about $29 million of tax equity investment and committed to investing an additional approximately $114 million once the project is operational, which is expected to occur in September 2023.

According to Leeward, the Chaparral Springs Solar + BESS Facility in California is currently under construction and, when completed, will provide 174 MW of renewable energy to two not-for-profit, community-owned electricity providers, Peninsula Clean Energy and Valley Clean Energy. There are two 15-year PPAs. Chaparral Springs will also deliver electricity from its 88 MW, 352 MWh battery storage system, which will further improve the resiliency of the region’s clean power grid.

Leeward mentioned that the financing for the Chaparral Springs Solar + BESS facility is an extension of its previously announced financing for its Rabbitbrush solar and storage project, also in Kern County, and further expands the Company’s generation capacity in the county and its growing portfolio of three integrated solar-plus-storage facilities.

Chris Loehr, Senior VP, Leeward Renewable Energy, said, “This milestone follows the successful development and operation of our Rabbitbrush Solar project, which is adjacent to Chaparral Springs, and further demonstrates our commitment to excellence and ability to deliver on our pipeline of contracted projects.”

Leeward Renewable Energy claims to be a leading RE company as it owns and operates a portfolio of 24 renewable energy facilities across nine states totalling 2,500 MW in capacity. The firm is developing and contracting new wind, solar, and energy storage projects in energy markets across the U.S., with 1.9 gigawatts contracted and 20 gigawatts under development and construction. It’s developing more than 100 projects.

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