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Green loan of US$75m and tax credit commitment of US$105m secures Horizon solar farm
Leeward Renewable Energy has closed approximately US$75m in construction to term financing and an approximately US$105m tax equity commitment from Wells Fargo for its Horizon solar facility located in Frio County, Texas.
MUFG Bank 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 was issued under the Green Loan Principles, which aim to facilitate and support environmentally sustainable economic activity.
The financing for the Horizon solar facility is an extension of LRE’s previously announced financing for its Big Plain and Oak Trail solar projects.
This will be LRE’s fifth solar project in the country and the second solar project in Texas, after Barilla Solar in Reeves County.
Leeward senior vice president of finance Chris Loehr said: "We are pleased to close financing on our Horizon project, and we appreciate the continued confidence from our financial institutions as we grow our solar portfolio.
"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.
"We highly value our financial partners continued trust and support, particularly under terms that help advance and enhance LRE’s environmental and social initiatives." |
