Leeward Renewable Energy LLC has closed construction financing and secured tax equity commitments for the repowering of Leeward’s 90 MW Aragonne Wind project and the construction of the new 145 MW Aragonne Mesa Wind project.
Wells Fargo served as coordination lead arranger, administrative agent and collateral agent on the $262 million financing, which included a construction plus five-year term loan, tax equity bridge loan and a letter of credit facility. Santander served as a joint lead arranger.
Under a previously announced power purchase agreement (PPA) with Arizona Public Service Co. (APS), the projects, which will use GE wind turbine technology, will provide a combined 200 MW of wind power generation to APS over a 20-year period. The projects, both located in Guadalupe County, N.M., will help APS achieve its goal of delivering 100% clean, carbon-free electricity to its customers by 2050.
“We are excited to have completed the financings for our Aragonne projects in partnership with Wells Fargo and Santander – two well-respected leaders in the renewable financial community,” comments Chris Loehr, CFO at Leeward. “We are grateful to Wells Fargo and Santander for their partnership and investment as Leeward continues to modernize and expand our fleet of projects and deliver clean, renewable energy to our customers.”
Construction of the projects has already commenced and is expected to be completed by December.
Leeward owns and operates a portfolio of 21 renewable energy facilities across nine states totaling approximately 2 GW of generating capacity.