Leeward Renewable Energy | November 25, 2021
Leeward Renewable Energy, LLC (Leeward) announced that it has closed construction financing and secured tax equity commitments for its Panorama Wind Farm located in Weld County, Colorado. MUFG Bank, Ltd. served as coordinating lead arranger, bookrunner and administrative agent for the approximately $190 million financing. The financing is comprised of a construction loan, tax equity bridge loan and back leverage term loan commitment. National Australia Bank, Silicon Valley Bank and Helaba Group served as part of the lending group and Goldman Sachs provided a $135 million tax equity commitment.
The greenfield Panorama project is the third wind farm Leeward has developed in Weld County, in addition to its Cedar Creek and Mountain Breeze projects. Vestas-American Wind Technology supplied the 66 wind turbine generators that will have the capacity to generate 145 megawatts (MW) of clean energy. Under a previously announced power purchase arrangement with Guzman Energy, the project will generate affordable electricity for approximately 53,000 homes in Colorado, New Mexico and Wyoming.
We are pleased to have closed financing for the Panorama project with a number of new financial relationships led by MUFG Bank. With their support, we are well-positioned to complete the construction of Panorama with the latest and most efficient technologies, bringing our total generation capacity in Weld County to 617 MW and helping Colorado meet its goal of 100 percent green energy generation by 2040.”
Chris Loehr, Chief Financial Officer, Leeward
Beth Waters, Managing Director of Project Finance at MUFG, commented: “Toward our commitment to renewable energy financing, we welcome the opportunity to support Leeward’s efforts and advance the transition to sustainable energy sources.”
Vivek Kagzi, from the Sustainable Investing Group of Goldman Sachs Asset Management, commented: “Investments from Goldman such as these enable our sponsor clients like Leeward to maximize all the incentive benefits that are available to them to finance wind projects. Goldman looks forward to continuing to support sponsors like Leeward as they build out renewable energy solutions to combat the ongoing effects of climate change.”
Construction of the Panorama Wind Farm has commenced and is expected to be completed in the second quarter of 2022.
About Leeward Renewable Energy
Leeward Renewable Energy, LLC is a leading renewable energy company that owns and operates a portfolio of 21 renewable energy facilities across nine states totaling approximately 2,000 megawatts of generating capacity. Leeward is actively developing new wind, solar, and energy storage projects in energy markets across the U.S., 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 pension plans with C$114 billion in net assets (as at June 30, 2021).
AEP Energy | September 11, 2020
AEP Energy Partners (AEPEP), a subsidiary of American Electric Power Company (Nasdaq: AEP), is seeking proposals for off-take from new solar and new wind facilities located in Ohio and ERCOT. For the Ohio sited projects, the company is seeking renewable energy purchase agreements of 10, 12 or 15 years for solar or wind facilities that begin operation between 2021 and 2023. For the ERCOT sited projects, the company is seeking renewable energy purchase agreements of 12 years or less for solar facilities that begin operation between 2021 and 2023. Proposals with alternative terms will be accepted. Accepted bids will be at AEPEP's discretion.
EDP Renewables | May 22, 2021
EDP Renewables, a global leader within the renewable energy sector and the world’s fourth-largest renewable energy producer, through its subsidiary EDP Renewables North America LLC, has started commercial operation of the 209 MW “Reloj del Sol” wind farm. The wind farm has begun producing power in Zapata County, Texas.
“Reloj del Sol” will help strengthen Texas’s grid and is estimated to supply approximately $36 million in direct payments to local governments and $100 million in payments to landowners throughout the life of the project. Moreover, the commissioning of this project supported 101 full-time equivalent jobs during construction and created 10 permanent jobs, dedicated to operating and maintaining the wind park. Reloj del Sol also will save quite 372 million gallons of water annually that might otherwise be used for cooling traditional power plants.
This project is the latest successful project in EDPR’s growing energy portfolio in Texas, joining the company’s four operating wind farms in the state. Collectively, EDPR’s Texas portfolio now totals 909 MW in operating renewable energy capacity – producing enough energy to power the equivalent of approximately 236,000 average Texas homes annually.
EDPR NA is committed to continuing to grow Texas’s leadership in renewable energy and increasing the already $1.5 billion it has invested in the state. it is also currently constructing the 200-MW Wildcat Creek wind farm, which is located in Cooke County, approximately 50 miles north of Dallas-Fort Worth.