Leeward Renewable Energy Operations LLC, a subsidiary of Leeward Renewable Energy LLC, has closed a $375 million green bond offering and $100 million revolving credit facility.
Wells Fargo Bank is acting as administrative agent for the revolving credit facility that closed with the bond offering. Last month, Leeward also closed a $75 million letter of credit facility with Wells Fargo Bank.
Leeward recently unveiled its Green Bond Framework, detailing the company’s rationale for issuance of the bonds and proposed use of proceeds. The bonds were assigned a first-time issuer default rating of BB- by Fitch and a first-time Ba3 corporate family rating by Moody’s.
“We are pleased with our debut offering, enabling us to execute on our aggressive growth strategy across our wind, solar and renewable energy storage platform,” says Leeward’s chief financial officer, Chris Loehr. “Responsible development is a value that runs deep at Leeward, and we intend to pursue a lower-carbon future through the responsible development, construction, operation and maintenance of renewable energy projects.”
Since 2003, Leeward has produced nearly 68,000,000 MWh of renewable energy.