US-based renewable energy company Leeward Renewable Energy has secured project financing for 296MW of solar PV projects located in Ohio, and North Carolina.

The company has received around $420m in construction to term financing from Japan’s MUFG Bank, for its Big Plain solar facility in Ohio.

Also, it has secured a $195m in tax equity commitment from US-based financial services company Wells Fargo, for its Oak Trail solar project in North Carolina.

The Big Plain and Oak Trail solar facilities are currently under construction and, are expected to start commercial operations by mid-2023.

Upon completion, the two projects would collectively provide 296MW of renewable energy to Verizon Communications under a long-term power purchase agreement.

Leeward Renewable Energy finance senior vice president Chris Loehr said: “We are pleased to have secured financing for our Big Plain and Oak Trail projects, marking another significant milestone in the development of our solar energy portfolio.

“These agreements demonstrate the continued confidence financial institutions hold in our project portfolio and performance as we continue to execute on our contracted 2022 – 2023 pipeline.

“We appreciate the continued support from each of our participating financial institutions, particularly under terms that help advance and enhance LRE’s own environmental and social initiatives.”

MUFG served as the green loan structuring agent, coordinating lead arranger and administrative agent for the construction financing, issued under the Green Loan Principles.

The Japanese lender has facilitated financing commitments from eight financial institutions and Export Development Canada (EDC).

MUFG project finance managing director Beth Waters said: “MUFG is proud to have partnered with Leeward Renewable Energy on another important project.

“Supporting our clients in building sustainable and renewable energy sources is a crucial tenet of our business, and we look forward to working closely with Leeward on future projects.”

Last year, Wells Fargo has opened its Institute for Sustainable Finance, to support the clients and communities to advance the transition to an equitable, low‑carbon economy.

The company aimed to deploy $500bn in financing to sustainable businesses and projects by 2030, and has deployed around $68bn in sustainable finance last year.

Wells Fargo’s renewable energy and environmental finance group director Samantha Buechner said: “We are proud to provide tax equity financing to Leeward for this solar portfolio. We look forward to continuing to support Leeward and the transition to a low-carbon economy.”

In January last year, Leeward has signed an agreement with First Solar to acquire a 10GW US solar project platform, located in the California, Southwest and Southeast markets.