First Solar will retain 1.1GW of US projects, which are expected to be sold separately
OMERS Infrastructure portfolio company Leeward Renewable Energy has signed an agreement with First Solar to acquire a 10GW US solar project platform.
Located in the California, Southwest and Southeast markets, the project pipeline is expected to be geographically complementary to Leeward’s portfolio.
The platform includes the Rabbitbrush, Madison, Oak Trail, Horizon, and Ridgely projects.
Construction on the five development projects is expected to begin in the next two years. The acquisition also includes the operational 30MW Barilla Solar project.
The transaction also includes purchase orders for 888MW Series 6 modules for the development projects.
First Solar will retain 1.1GW of US projects, which are expected to be sold separately.
Leeward Renewable Energy chief executive officer Jason Allen said: “This acquisition will support our aggressive growth strategy as a leading independent power producer and elevate Leeward’s prominent position in today’s energy market.
“The public recognizes that renewable energy is a key driver in combating the global issue of climate change. Solar and renewable technologies continue to advance and now provide economically viable solutions in virtually every market in the US.
“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.”
Leeward’s solar development pipeline to expand to 14GW
The acquisition of First Solar’s US platform is expected to expand Leeward’s solar development pipeline to 14GW, with the projects located in key markets across the US.
The projects are expected to complement Leeward’s existing portfolio of renewable energy assets, focused on the Midwest, West and Texas markets.
Currently, Leeward owns and operates a portfolio of 21 wind farms across nine states in the US, totaling nearly 2GW of generating capacity.
Upon the completion of the transaction, Leeward will also purchase 650MW of First Solar’s Series 6 photovoltaic (PV) solar modules for its additional projects.
Subject to regulatory approvals and customary closing conditions, the transaction is expected to be completed in the first quarter of 2021.