Rabbitbrush Solar

Rabbitbrush Solar Project - Financing

Borrower (s)
Rabbitbrush Solar
Industry
Power/PV solar
Area of finance
Project & Infrastructure Finance
Region
North America
Countries
United States

Deal Overview

Leeward Renewable Energy (LRE) has closed $58.5 million in construction financing and secured tax equity commitments for its Rabbitbrush Solar Facility located in Kern County, California. Wells Fargo served as Green Structuring Agent and the administrative agent. Silicon Valley Bank and MUFG were...

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Leeward Renewable Energy (LRE) has closed $58.5 million in construction financing and secured tax equity commitments for its Rabbitbrush Solar Facility located in Kern County, California. Wells Fargo served as Green Structuring Agent and the administrative agent. Silicon Valley Bank and MUFG were the joint lead arrangers aswell as bookrunners alongside Wells Fargo. JP Morgan provided $12.5 million in tax equity financing and has agreed to invest an additional $50 million once the project becomes operational in August 2022. 

The 100MW Rabbitbrush Solar Project is currently under construction and will include a 20MW/50MWh battery energy storage system (BESS). Central Coast Community Energy (CCCE) and Silicon Valley Clean Energy (SVCE) will be the offtakers under previously announced 15-year PPAs.

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Deal Volume
$ 71m
Financial Close
29 June 2022

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Projects

Rabbitbrush Solar Project

Greenfield
PV solar
North America
United States
$ 71m