Leeward Renewable Energy closes financing for Aragonne Repower and Aragonne Mesa wind projects | Companies
DALLAS – (BUSINESS WIRE) – Aug. July 2021–
Leeward Renewable Energy, LLC (Leeward) announced today that it has completed construction financing and secured tax equity commitments to repower Leeward’s 90 megawatts (MW) Aragonne wind project (Aragonne Repower) and construction of the new 145 MW Aragonne Mesa wind project (Aragonne -Mesa). Wells Fargo served as the coordinating lead arranger, administrative agent, and collateral agent on the $ 262 million loan, which included a home loan plus five-year term loan, a tax-sharing bridging loan, and a letter of credit. Santander acted as the joint lead arranger.
Under a previously announced power purchase agreement (PPA) with Arizona Public Service Company (APS), the projects using GE advanced wind turbine technology will provide APS with 200 MW of combined wind power generation over a 20 year period. The Aragonne Repower and Aragonne Mesa projects, both in Guadalupe County, New Mexico, will help APS achieve its goal of delivering 100% clean, carbon-free electricity to its customers by 2050.
“We are pleased to have closed the financing for our Aragonne projects in partnership with Wells Fargo and Santander – two respected leaders in the renewable energy finance world,” commented Chris Loehr, Chief Financial Officer at Leeward. “We are grateful to Wells Fargo and Santander for their partnership and investment as Leeward continues to modernize and expand our project fleet and provide our customers with clean, renewable energy.”
“Wells Fargo is proud to be part of the Aragonne Projects, which are important projects helping our communities accelerate the transition to a lower carbon economy,” said Alok Garg, Head of Renewables and Asset Finance, Corporate & Investment Banking at Wells Fargo. “We value our extensive and multi-faceted relationship with Leeward, a company that is committed to offering its customers reliable solutions for renewable energies over the long term.”
“We are pleased to offer multiple financing solutions – including tax equity financing – to meet Leeward’s needs for this major wind project expansion and repowering effort,” said Sam Buechner, director of Wells Fargo Renewable Energy & Environmental Finance. “Wells Fargo is committed to helping our customers thrive in this critical time of change in the energy industry.”
Construction of the Aragonne Repower and Aragonne Mesa projects has already started and is expected to be completed by December 2021.
About Leeward Renewable Energy, LLC
Leeward Renewable Energy is a leading renewable energy company that owns and operates a portfolio of 21 renewable energy plants in nine states with a total capacity of approximately 2,000 megawatts. Leeward is actively developing new wind, solar and energy storage projects in the US energy markets, with 17 gigawatts under development, spanning over 100 projects. Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit plans with net assets of $ 105 billion as of December 31, 2020. More information is available at www.leewardenergy.com.
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CONTACT: Kelly Kimberly
Sard Verbinnen & Co.
KEYWORD: UNITED STATES NORTH AMERICA NEW MEXICO ARIZONA TEXAS
INDUSTRY KEYWORD: ALTERNATIVE ENERGY ENERGY SUPPLY
SOURCE: Leeward Renewable Energy, LLC
Copyright Business Wire 2021.
PUB: 7/8/2021 9:00 AM / DISC: 7/8/2021 9:01 AM
Copyright Business Wire 2021.