Leyline Renewable Capital Funds RAI Energy's Solar and Storage Ventures

Leyline Renewable Capital, a provider of development loans for renewable energy projects, announced a project development loan for RAI Energy, a renewable energy developer. With the assistance of Leyline Development Capital, RAI Energy is set to advance multiple large utility-scale solar and solar-plus-storage projects within the WECC market over the next four years.

Mohammed S. Alrai, Founder and CEO of RAI Energy, expressed enthusiasm about the partnership with Leyline, saying, "We are delighted to join forces with Leyline as a strategic partner to expedite our growth. Their invaluable experience in navigating the complexities of project development, extensive industry knowledge, and flexible financing approach makes them exceptional financial partner as we expand our project portfolio. This financing will not only empower us to realize our company's vision but also enable us to further expand our team."

RAI Energy’s market focus in the U.S. is the Western US, with current projects in California, Arizona, Colorado, and New Mexico. The firm has about 4 GW of utility-scale solar and energy storage projects under the development phase to be delivered by 2026. RAI Energy is building a 137 MW solar PV power project, Vikings Energy Farm, in California, US. The project construction is likely to commence in 2023 and is expected to enter into commercial operation in 2025. On completion, it will power about 50,000 homes.

RAI Energy has developed several sizable renewable energy projects. For instance, the firm has also developed two sizable solar projects in Imperial County: Seville I – a 20MW solar array in partnership with San Diego Gas & Electric (SDG&E) and Seville II – a 30MW solar with the Imperial Irrigation District (IID). The firm has also commissioned Jordan Solar One – a 20MW solar array located in Mafraq, Jordan.

Leyline received advisory services for this transaction from a team led by Lara Rios at Holland & Knight, while RAI Energy received advisory support from a team led by Thomas Glascock at Orrick. Bill Chamberlin at KeyBanc Capital Markets served as the financial advisor for RAI Energy in this transaction.