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USA-based renewable energy firm Leeward Renewable Energy has announced the close of about $75 million in construction to term financing from MUFG Bank and about $105 million tax equity commitment from Wells Fargo for the Horizon Solar Facility located in Texas.
Leeward said that Mitsubishi UFJ Financial Group (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 for Leeward was issued under the Green Loan Principles, which aim to facilitate and support environmentally sustainable economic activity.
The financing for the Horizon solar Project is an extension of previously announced financing for the Big Plain and Oak Trail Solar Projects of Leeward. This will be the fifth solar project in the US and the second solar project in Texas, said Leeward.
Chris Loehr, Senior VP, Leeward Renewable Energy, said, “This milestone follows the successful development of our recently announced Big Plain and Oak Trail solar projects and further demonstrates our long-term commitment to excellence and ability to deliver on our pipeline of contracted projects.”
Beth Waters, Managing Director of Project Finance at MUFG, held, “This project is another important step toward making solar power ever more affordable and accessible, thereby facilitating the much-needed transition to renewable energy sources.”
Samantha Buechner, Director for Wells Fargo Renewable Energy & Environmental Finance, shared, “We’re pleased to provide tax equity financing for the Horizon Solar facility as Leeward continues to expand its solar portfolio. Wells Fargo has committed to deploy $500 billion in sustainable financing by 2030 to support the transition to a secure, resilient, and sustainable future, and projects such as Horizon align with those same goals.”
The Horizon Solar Project is currently under construction. According to Leeward, once completed, it will generate enough electricity to power over 42,000 US homes annually, providing 200 MW of renewable energy to Verizon Communications under a long-term power purchase agreement. The project is expected to reach commercial operation later in 2023.