Leeward Renewable Energy (LRE) announced that it has secured $1.25 billion in construction warehouse financing. This financing expands LRE’s financing capacity to facilitate the continuous growth of its growing operating portfolio.
The Construction Warehouse provides three years of committed capital and is designed as a revolving capital source for a duration of three years.
The financing will aid the initial construction phases of six fully contracted wind, solar, and battery storage projects, which collectively add nearly 1 gigawatt (GW) of capacity.
The company’s energy portfolio currently comprises more than 3 gigawatts (GW) of operating assets and over 30 GW of projects in the pipeline.
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Chris Loehr, LRE’s Senior Vice President of Finance, said, “LRE has experienced tremendous growth, and this financing arrangement supports our momentum by funding the construction of renewable energy projects in our development pipeline over the next three years.”
He added, “We are pleased to have the continued support from leading financial institutions, reflecting a shared commitment to advance clean energy. This arrangement further demonstrates the market’s confidence in our strategy of delivering reliable, long-term renewable energy solutions for our customers and contributing meaningfully to the communities we serve and the environment.”
The inaugural facility will initially finance over 890 megawatts of wind, solar, and battery energy storage projects.