Wind

Leeward gains $262M financing, 20-year PPA for Aragonne wind power projects in NM

Texas-based wind power project developer Leeward Renewable Energy has completed its financing needs for repowering and new capacity projects in New Mexico.

Leeward previously announced plans to repower its 90-MW Aragonne Wind farm and to build a new 145-MW Aragonne Mesa project. Both are located in Guadalupe County, New Mexico.

Both Aragonne wind sites also are contracted with Arizona Public Service for 20-year purchase power agreements. The APS deal is for 200 MW of the generation.

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“We are excited to have completed the financings for our Aragonne projects in partnership with Wells Fargo and Santander — two well-respected leaders in the renewable financial community,” commented Chris Loehr, Chief Financial Officer at Leeward. “We are grateful to Wells Fargo and Santander for their partnership and investment as Leeward continues to modernize and expand our fleet of projects and deliver clean, renewable energy to our customers.”

Wells Fargo is lead arranger, administrative agent and collateral agent on the $262 million financing. Santander served as joint lead arranger.

Construction of the Aragonne Repower and Aragonne Mesa projects has already commenced and is expected to be completed by December.

Leeward owns and operates more than 20 wind power facilities totaling 2,000 MW in nine U.S. states. Last month, it acquired two Indiana wind farms from Tri Global Energy.