OMERS Infrastructure subsidiary Leeward Renewable Energy has acquired a utility-scale solar project platform of approximately 10GW from First Solar.
Upon closing of the transaction, Leeward will acquire the project development platform, which includes 773MW of projects that are expected to commence construction in the next two years, as well as the 30MW Barilla Solar Project, which is operational.
The US pipeline includes projects in the California, south west and south east markets, which are geographically complementary to Leeward’s portfolio.
The transaction will enable Leeward to expand its geographic footprint, furthering Leeward’s position in the US renewable energy space.
The deal takes Leeward’s solar development pipeline to 14GW, located in key markets across the US.
Key members of the First Solar development team are also expected to join Leeward upon closing.
Leeward chief executive officer Jason Allen said: “We look forward to welcoming the new team members who will join Leeward in connection with this transaction.
“The acquisition of this development platform from First Solar will support our aggressive growth strategy as a leading independent power producer and elevate Leeward’s prominent position in today’s energy market.
“The public recognizes that renewable energy is a key driver in combating the global issue of climate change.
“Solar and renewable technologies continue to advance and now provide economically viable solutions in virtually every market in the US.
“We will continue to grow our wind, solar, and storage presence so we can continue to provide clean energy to our existing and future customers as they pursue their net-zero emission goals.”
OMERS Infrastructure managing director Tom Frazier said: “We are delighted to support today’s announcement as a key milestone for Leeward, and look forward to continuing to support Leeward’s growth.
“This news represents an integral next step for Leeward as a leading renewable energy platform in North America as it plays an important role in the broader energy transition.”
The transaction is expected to close in the first quarter of 2021, following receipt of customary regulatory approvals and satisfaction of customary closing conditions.