Leeward Renewable Energy, a growth-oriented renewable energy business and portfolio company of OMERS Infrastructure, has entered into a Purchase and Sale Agreement with First Solar in which Leeward will acquire from First Solar an approximately 10-gigawatt (GW)AC utility-scale solar project network.
Upon conclusion of the deal, Leeward will purchase the project creation network, which comprises 773 megawatts (MW)AC of projects scheduled to begin implementation in the next two years, as well as the 30-MWAC Barilla Solar Project, which will be operational.
The pipeline contains ventures in the California, Southwest and Southeast markets that are geographically complementary to Leeward’s portfolio.
The deal would allow Leeward to extend its regional presence, furthering Leeward’s role in the U.S. renewable energy sector.
Key members of the First Solar development team are also expected to enter Leeward as it closes.
“We look forward to welcoming the new team members who will join Leeward in connection with this transaction. 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. 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 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.”Jason Allen, CEO of Leeward.
“We are delighted to support today’s announcement as a key milestone for Leeward, and look forward to continuing to support Leeward’s growth. This news represents an integral next step for Leeward as a leading renewable energy platform in North America as it plays an important role in the broader energy transition.”Tom Frazier, managing director, OMERS Infrastructure.
“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.”Michael Ryder, head of Americas, OMERS Infrastructure.
The deal is scheduled to close in the first quarter of 2021, pending receipt of customary regulatory approvals and the fulfillment of customary closing conditions.