Leeward Renewable Energy (LRE) has closed approximately US$580m of tax equity commitments and debt facilities for its White Wing Ranch Solar and GSG Wind projects.
The projects are located in Yuma County, Arizona and LaSalle County, Illinois, respectively.
The tax equity commitment was made by Wells Fargo Bank, and the debt facility was provided by Mizuho Bank, National Bank of Canada, Société Générale, and Sumitomo Mitsui Trust Bank.
The repowered GSG Wind is expected to be operational in December 2023.
LRE recently decommissioned the 40 turbines that comprised LRE’s legacy 80MW wind facility and commenced construction on 26 new turbines with enhanced capacity, reliability, and performance.
White Wing Ranch Solar is expected to be operational in the second half of 2024 and onsite construction has been underway on the 179MW facility.
Chris Loehr, senior vice president of finance at LRE, said: “We are pleased to have closed construction financing on our White Wing Ranch Solar and GSG Wind projects.
“This key milestone reflects the continued confidence from leading financial institutions and knowledgeable investors in LRE’s growth plans and our ability to execute.
“We have completed a record amount of financing for LRE projects this year and we are looking forward to carrying this momentum into 2024.”
Both projects will further advance LRE’s goal to become one of the top renewable energy providers in the US and are consistent with the company’s commitment to environmental stewardship.
LRE will recycle or reuse 100% of the wind turbine blades from the decommissioned turbines at GSG Wind.
At White Wing Ranch Solar, LRE said it is pursuing innovative land management practices to promote the regeneration of native desert ecosystems.