Leeward Renewable Energy along with OMERS Infrastructure have secured the purchase of a 10 gigawatts solar platform in California, from developer First Solar. Leeward announced this Monday the entering into a Purchase and Sale Agreement with the Arizona-based company.
The acquisition involves a complex that includes 773 megawatts of projects to be constructed in the next two years; the Barilla project, which is already operational with a 30 MW capacity; and a pipeline that includes projects in California Southwest and Southeast.
The geographical localization of the complex will give Leeward further expansion of its renewable footprint, and a broader expansion in the U.S. solar market. Upon closing of the transaction, key members of First Solar’s team are expected to join Leeward.
Transaction is expected to close in the first quarter of 2021, as it is still subject to customary and regulatory approvals, as well as satisfaction of customary closing conditions. The portfolio is expected to provide for the company strategic benefits for its consolidation.
According to Leeward’s statement, it will expand its aggressive growth in the U.S. renewable market, and it will turn it into one of the U.S. top leaders in solar, wind and storage, as it will have streamlined and enhanced capacities at generation, power marketing and technology solutions.
Recommended for you: NYSCRF commits $650m to renewable infrastructure
Solar, key element for Leeward’s grow
Specifically, for its solar portfolio, the company will develop the pipeline for a total capacity of 14 GW, located in key markets across the state, and across the nation. The pipeline has a strong presence in California, and it represents and ideal complement for Leeward’s portfolio in Midwest, west and Texas markets.
“The acquisition of this development platform from First Solar will support our aggressive growth strategy as a leading independent power producer; and elevate Leeward’s prominent position in today’s energy market,” said Jason Allen, CEO of Leeward.
“Solar and renewable technologies continue to advance and now provide economically viable solutions in virtually every market in the U.S. We will continue to grow our wind, solar, and storage presence so we can continue to provide clean energy to our existing and future customers as they pursue their net-zero emission goals,” he concluded.
On his side, Michael Ryder, Head of Americas of OMERS Infrastructure, concluded: “We are proud to have Leeward in our global portfolio of high-quality infrastructure assets. Further expanding our investment in clean energy is a priority for us as a key component of our broader commitment to environmentally sustainable investing. Supporting this acquisition and future growth at Leeward is an important part of that strategy.”