Leeward closes financing for 296 MW of Verizon-contracted solar projects
Exterior of Verizon's Wall Street retail store. Source: Verizon.
Leeward Renewable Energy LLC, a portfolio company of OMERS Infrastructure, said today it has secured green loan construction financing along with tax equity funding for one solar project in Ohio and one in North Carolina with a combined capacity of 296 MW.
More specifically, Leeward has closed about USD 420 million (EUR 401m) in construction-to-term financing from MUFG Bank Ltd and obtained a USD-195-million tax equity commitment from Wells Fargo for the Big Plain project in London, Ohio and the Oak Trail scheme near Moyock, North Carolina.
Acting as the Green Loan Structuring Agent, Coordinating Lead Arranger and Administrative Agent, MUFG has arranged financing commitments from eight financial institutions and Export Development Canada (EDC).
The two solar plants are currently being built and are expected to be completed by mid-2023. Both will supply electricity to US wireless carrier Verizon Communications Inc (NYSE:VZ).