Leyline Renewable Capital is to provide a project development loan to RAI Energy to finance multiple large utility-scale solar and solar-plus-storage projects in the US Western Energy Coordinating Council (WECC) market over the next four years.
RAI was founded by Mohammed S Alrai in 2016 to focus on utility-scale renewable energy projects in western markets.
Alrai previously led the development of power projects with Calpine, BP Solar, and Regenerate Power before launching his own development company.
Alrai is joined by industry veterans with more than 100 years of combined experience in developing the multi-gigawatt pipeline of projects in WECC, Leyline said.
Managing director of originations at Leyline, Todd Kice said: “The RAI Energy team lead by Mohammed has proven they not only have the industry knowledge but also the personal energy and problem-solving ability to get large scale projects across the finish line.
“The low-hanging fruit in our industry has been picked, so to speak, and utility- scale projects are going to get harder to complete in the years to come.
“You need experience as well as resilience to be successful; Mohammed has the creativity and the tenacity to work through the unexpected issues that inevitably arise and get projects done.”
Alrai added: “We’re thrilled to enter into this agreement with Leyline as a partner to accelerate our growth.
“Their invaluable experience navigating the highs and lows of development, extensive industry knowledge, and adaptable financing approach make them an outstanding financial partner as we expand our project portfolio.
“This financing will not only enable us to achieve our company’s vision, but also allow us to grow our team further.”