Leeward Renewable Energy secures USD 475m of fresh capital

Wind farm, Leeward Renewable Energy. Image by Leeward Renewable Energy.

July 13 (Renewables Now) - A unit of Leeward Renewable Energy LLC has raised USD 375 million (EUR 317m) in a green bond offering and, at the same time, closed a USD-100-million revolving credit line.

Specifically, Leeward Renewable Energy Operations LLC has offered 4.250% senior notes that are maturing in 2029. The company’s finance head Chris Loehr commented that this debut offering will allow it to execute on its aggressive growth strategy.

In the meantime, Wells Fargo Bank served as administrative agent for the revolving credit facility that closed with the bond offering. The same lender extended a USD-75-million letter of credit facility to Leeward last month.

Leeward is a portfolio company of OMERS Infrastructure that owns and operates a portfolio of 21 renewable energy facilities across nine states with a combined capacity of about 2 GW. The firm currently has roughly 17 GW of wind, solar and energy storage under development spanning over 100 projects.

(USD 1.0 = EUR 0.845)

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