Leeward Renewable Energy Closes $375 Million Green Bond Offering and $100 Million Revolving Credit Facility

DALLAS–(BUSINESS WIRE)–Leeward Renewable Energy Operations, LLC (“Leeward Operations”), a subsidiary of Leeward Renewable Energy, LLC (“Leeward”), closed an offering of $375 million in aggregate principal amount of 4.250% Senior Notes due 2029 (Green Bonds). Wells Fargo Bank is acting as Administrative Agent for the $100 million 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 Leeward’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,” said Leeward 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 megawatts hours of renewable energy and has avoided approximately 66,000,000 metric tons of carbon emissions. Today’s announced transactions will support Leeward’s high-growth plans and continued leadership in providing reliable access to clean energy.

About Leeward Renewable Energy, LLC

Leeward Renewable Energy is a leading renewable energy company that owns and operates a portfolio of 21 renewable energy facilities across nine states totaling approximately 2,000 megawatts of generating capacity. Leeward is actively developing new wind, solar, and energy storage projects in energy markets across the U.S., with 17 gigawatts under development spanning over 100 projects. Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans with C$105 billion in net assets (as at December 31, 2020). For more information, visit www.lreus.com.