Leeward Renewable Energy has announced that it has closed construction financing and secured tax equity commitments for the repowering of Leeward’s 90MW Aragonne Wind project (Aragonne Repower) and the construction of the new 145MW Aragonne Mesa Wind project (Aragonne Mesa).
Wells Fargo served as coordination lead arranger, administrative agent and collateral agent on the US$ 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 Company (APS), the projects, which will use GE wind turbine technology, will provide a combined 200MW of wind power generation to APS over a 20-year period. Construction of the Aragonne Repower and Aragonne Mesa projects has already commenced and is expected to be completed by December 2021.