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September 01, 2020 1:41pm
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Leeward Renewable lines up financing for two solar pv projects

Both projects will use solar modules provided by First Solar and are supported by PPAs with Verizon Communications.

Dallas-based Leeward Renewable Energy said it closed around $420 million in construction-to-term financing from MUFG Bank Ltd. and a $195 million tax equity commitment from Wells Fargo for its Big Plain Solar Facility in London, Ohio and its Oak Trail Solar Facility near Moyock, North Carolina.

MUFG served as the green loan structuring agent, coordinating lead arranger and administrative agent, arranging financing commitments from eight financial institutions and Export Development Canada. The debt was issued under the Green Loan Principles, which aim to facilitate and support environmentally sustainable economic activity.

The Big Plain and Oak Trail Solar facilities are currently under construction and, when completed, are expected to provide a combined 296 MW of renewable energy capacity to Verizon Communications under a long-term power purchase agreement. Both projects are expected to reach commercial operation by mid-2023.

Big Plain will use First Solar thin-film photovoltaic solar modules. The project will connect to First Energy Corp.’s transmission system via a new 138KV substation. SOLV Energy is the engineering, procurement and construction contractor (EPC).

Oak Trail also will use First Solar pv modules, and Blue Ridge Power serves as the EPC contractor.

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