Leeward Renewable Energy (LRE) has closed a $1.25 billion construction warehouse facility to support its aspirations to install more than 890 MW of wind, solar, and battery storage capacity. The capital will support the firm’s operational portfolio over a three-year period, as part of its multi-year expansion strategy.
LRE, an OMERS Infrastructure portfolio business, plans to use the revolving credit line to finance the development of six fully contracted wind, solar, and battery storage projects. All of them are part of its pipeline of advanced and construction-ready projects, which are scheduled to be finished and operational in 2024 and 2025.
LRE currently owns and operates 32 wind, solar, and energy storage assets in the United States, with a total capacity of around 3 GW. It also has a development pipeline of over 30 GW of projects.
In March 2024, Leeward Renewable Energy inked power purchase agreements (PPAs) with Microsoft Corp for two 200 MW solar projects in Texas. The tech giant obtained power from the Cradle Solar project in Brazoria County and the Morrow Lake Solar project in Frio County under the PPAs.
