Leeward Renewable Energy secures funding for Colorado wind farm
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Leeward Renewable Energy secures funding for Colorado wind farm

24 Nov 2021 (Last Updated November 24th, 2021 09:50)

Clean energy from the wind project will be delivered to Guzman Energy under a power purchase agreement.

Leeward Renewable Energy, a portfolio company of Canadian asset manager Omers Infrastructure, has secured financing of around $190m for the construction of its 145MW Panorama Wind Farm in Weld County, Colorado.

The financing includes a construction loan, a back leverage term loan commitment and a tax equity bridge loan.

Japanese banking company MUFG Bank acted as coordinating lead arranger, bookrunner and administrative agent for the financing.

Helaba Group, Silicon Valley Bank and National Australia Bank were also part of the lending group, while Goldman Sachs offered a $135m tax equity commitment.

MUFG Project Finance managing director Beth Waters said: “Toward our commitment to renewable energy financing, we welcome the opportunity to support Leeward’s efforts and advance the transition to sustainable energy sources.”

The Panorama Wind Farm will be equipped with 66 wind turbines from Vestas-American Wind Technology.

Construction works at the site are underway and are expected to be completed in the second quarter of next year.

Once operational, the wind farm will supply clean energy to Guzman Energy under a power purchase agreement (PPA) to power almost 53,000 homes in Colorado, New Mexico and Wyoming.

Leeward chief financial officer Chris Loehr said: “We are pleased to have closed financing for the Panorama project with a number of new financial relationships led by MUFG Bank.

“With their support, we are well-positioned to complete the construction of Panorama with the latest and most efficient technologies, bringing our total generation capacity in Weld County to 617MW and helping Colorado meet its goal of 100% green energy generation by 2040.”

The Panorama Wind Farm will be Leeward’s third project in Weld County, with the company having previously developed the Cedar Creek and Mountain Breeze facilities in the region.

In January, Leeward awarded a contract to GE Renewable Energy for repowering its Aragonne Wind Project in Guadalupe County, New Mexico.