- The Solar facilities will provide a combined 296 MW of renewable energy.
- Both projects are expected to reach commercial operation by mid-2023.
Dallas-based firm Leeward Renewable Energy has closed around $420 million in construction-to-term financing from MUFG Bank Ltd. and a $195 million tax equity commitment from Wells Fargo for its Big Plain Solar Facility in London, Ohio and its Oak Trail Solar Facility near Moyock, North Carolina.
MUFG Bank Ltd. served as the green loan structuring agent, coordinating lead arranger and administrative agent, arranging financing commitments from eight financial institutions and Export Development Canada. The debt was issued under the Green Loan Principles, which aim to facilitate and support environmentally sustainable economic activity.
The Big Plain and Oak Trail Solar facilities are currently under construction. When completed, the projects are expected to provide a combined 296 MW of renewable energy capacity to Verizon Communications under a long-term power purchase agreement. Both projects are expected to reach commercial operation by mid-2023.
Big Plain will use First Solar thin-film photovoltaic solar modules. The project will connect to First Energy Corp.’s transmission system via a new 138KV substation.