U.S.A.'s Leeward RE Raises $260 Mn For Chaparral Springs Solar + Storage Project in California

• Wells Fargo, MUFG as well as Silicon Valley Bank to supply $260 million in Green Loan building and construction funding; J.P. Morgan Chase to give $143 million tax obligation equity financial investment.
• Leeward expands footprint in California with 174-megawatt (MW) solar facility as well as 88-MW storage facility.

Leeward Renewable Energy, A United States based company that delves into the growth of new wind, solar, and energy storage projects in energy markets across the US, has introduced that it has closed about $260 million in building and construction financing and safeguarded tax obligation equity commitments for its Chaparral Springs Solar + BESS Facility. The renewable energy project lies in Kern County, California, U.S.A..

Leeward held that Wells Fargo acted as the administrative, green structuring agent, and working with lead arranger on the construction funding, and MUFG and also Silicon Valley Bank functioned as joint lead arrangers.

The debt was issued under the Green Loan Principles, which aim to help with and also support environmentally lasting financial task. Leeward also informed that JP Morgan provided concerning $29 numerous tax equity investment as well as committed to investing an extra approximately $114 million once the project is operational, which is expected to happen in September 2023.

According to Leeward, the Chaparral Springs Solar + BESS Facility in California is presently incomplete as well as, when completed, will give 174 MW of renewable energy to two not-for-profit, community-owned power service providers, Peninsula Clean Energy and also Valley Clean Energy. There are two 15-year PPAs. Chaparral Springs will certainly also provide electricity from its 88 MW, 352 MWh battery storage system, which will certainly additionally improve the resiliency of the region's clean power grid.

Leeward discussed that the funding for the Chaparral Springs Solar + BESS facility is an expansion of its previously announced financing for its Rabbitbrush solar and storage project, likewise in Kern County, and also even more expands the Company's generation capacity in the county and also its expanding portfolio of 3 integrated solar-plus-storage facilities.

Chris Loehr, Senior VP, Leeward Renewable Energy, said, "This milestone follows the successful growth and operation of our Rabbitbrush Solar project, which is adjacent to Chaparral Springs, as well as even more demonstrates our commitment to excellence and ability to provide on our pipeline of gotten projects."

Leeward Renewable Energy asserts to be a leading RE company as it has and operates a portfolio of 24 renewable energy facilities across nine states totalling 2,500 MW in capacity. The firm is creating and also acquiring new wind, solar, as well as energy storage projects in energy markets across the united state, with 1.9 gigawatts acquired and 20 gigawatts under advancement as well as construction. It's creating more than 100 projects.