Leeward Renewable Power (LRE) has closed roughly $260 million in building financing and secured tax fairness commitments for the Chaparral Springs Photo voltaic + BESS Facility, positioned in Kern County, Calif.
Wells Fargo served as administrative, inexperienced structuring agent and coordinating lead arranger on the development financing, and MUFG and Silicon Valley Financial institution served as joint lead arrangers. The mortgage is issued underneath the Inexperienced Mortgage Rules, which intention to facilitate and assist environmentally sustainable financial exercise. As well as, JP Morgan has offered roughly $29 million in tax fairness funding and has dedicated to speculate a further roughly $114 million as soon as the undertaking is operational, which is anticipated to happen in September 2023.
The Chaparral Springs Photo voltaic + BESS Facility is at present underneath building and, when accomplished, will present 174 MW of renewable power to 2 non-profit, community-owned electrical energy suppliers, Peninsula Clear Power and Valley Clear Power, by two 15 12 months. energy buy agreements. Chaparral Springs may also ship electrical energy to 2 suppliers from its 88 MW, 352 MWh battery storage system, additional bettering the resiliency of the area’s clear energy grid.
The financing for the Chaparral Springs Photo voltaic + BESS facility is an extension of LRE’s beforehand introduced financing for its Rabbitbrush photo voltaic and storage undertaking, additionally in Kern County, and additional expands the corporate’s technology capability within the county and the rising its portfolio of three built-in solar- plus-storage amenities.
“We’re happy to shut the financing of our Chaparral Springs undertaking and our continued enlargement of {our relationships} with every of those main monetary establishments as we develop our solar-plus-storage presence in California,” stated Chris Loehr, senior vp of finance. “This milestone follows the profitable growth and operation of our Rabbitbrush Photo voltaic undertaking, adjoining to Chaparral Springs, and additional demonstrates our dedication to excellence and skill to ship on our pipeline of contracted initiatives. We respect the continued assist from our monetary companions as we proceed to drive our sustainability mission in every thing we do.
