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Project Finance Brief: Leeward Secures $280 Million for 200 MW Solar Project - Mercom India

Mercom India · last updated March 24, 2023 – 11:08 PM

Project Finance Brief: Leeward Secures $280 Million for 200 MW Solar Project

Photon secures $23 million for 32 MW solar projects
March 23, 2023

From: Mercom Capital Group

Leeward Renewable Energy, a renewable energy project developer, closed$280 million in financing for its 200 MW Horizon solar project in Frio County, Texas. The financing consists of $75 million in construction-to-term from MUFG Bank and a $105 million tax equity commitment from Wells Fargo. MUFG served as the Green Loan Structuring Agent, Coordinating Lead Arranger, and Administrative Agent for the construction to term financing, arranging financing commitments from eight financial institutions and Export Development Canada.

Photon Energy, a solar project developer, secured€21.9 million (~$23.46 million) in non-recourse project refinancing from Austrian Raiffeisen Bank International (RBI) for 31.5 MW of solar projects in Romania. The portfolio consists of eight solar projects located in Șiria (5.7 MW), Aiud (4.7 MW), Teius (4.7 MW), Calafat (6.1 MWp), Săhăteni (7.1 MW) and Făget (3.2 MW). The first power plant, located in Șiria, was commissioned in February, becoming Romania’s first utility-scale PV power plant commissioned since 2014. The remaining power plants will be commissioned by the end of Q2 2023.

Scale Microgrids, a distributed energy developer, has agreed to acquire 100 MW of New York community solar projects from CSG-Gutami, a renewable project developer. Scale Microgrids will construct, own and operate these projects. The agreement with Gutami is part of Scale’s rapidly growing pipeline, helping New York hit its mandated goal of a zero-emissions electricity sector by 2040. That represents the nation’s most aggressive climate and clean energy initiative, which includes 70% renewable energy generation by 2030 and economy-wide carbon neutrality.

Danish renewable energy company Ørsted acquired the 160 MW Garrenleen solar project from solar project developer Terra Solar in Ireland. The terms of the acquisition were not disclosed. Ørsted already operates 360 MW of onshore wind in Ireland. This is the company’s second solar project acquisition in Ireland, and it will power up to 56,000 homes annually, making it one of the largest solar farms in the country.

BayWar.r.e, a renewable energy project developer, along with NORD/LB Norddeutsche Landesbank secured€56 million (~$60.18 million) funding for a 53 MW solar project in Italy. BayWa r.e. will act as contractor and developer of the Tarquinia solar plant and be responsible for every project phase, from planning to construction to operation and maintenance. Construction of the Tarquinia plant is expected to get underway in the coming months. Once finalized, the plant will have an installed capacity of approximately 53 MW to provide enough renewable electricity to power 35,000 households.

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Project Finance Brief: Leeward Secures $280 Million for 200 MW Solar Project - Mercom India

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