-Acquisition supports Leeward’s aggressive growth strategy and furthers position as a leading U.S. renewable energy company
PVTIME - Leeward Renewable Energy, LLC (“Leeward”), a growth-oriented renewable energy company and portfolio company of OMERS Infrastructure, announced it has closed the previously announced acquisition of a utility-scale solar project platform of approximately 10-gigawatts (GW)AC from First Solar, Inc. (NASDAQ: FSLR), effective as of March 31, 2021. The project development platform includes 773 megawatts (MW) AC of projects that are expected to commence construction in the next two years, as well as the 30-MWAC Barilla Solar Project, which is operational.
The acquisition cements Leeward’s position as a leading renewable energy company and significantly expands its solar development portfolio, which now reaches 14 GW, as well as its geographic footprint across the Southeast and Southwest U.S. Each GW generates enough clean energy to power the equivalent of 230,000 homes.
Jason Allen, Chief Executive Officer of Leeward, said, “The acquisition of this development platform from First Solar gives Leeward an advanced solar pipeline that accelerates our growth as we continue to meet the needs of our customers. We are pleased to welcome the First Solar development team to the Leeward family as we embark on this next chapter with a shared commitment to build sustainable solutions for clean, renewable energy.”
Tom Frazier, Managing Director, OMERS Infrastructure, said, “The completion of this acquisition underscores our confidence in Leeward and support of the company’s growth strategy. We want to congratulate the Leeward team on this milestone, and express our thanks to First Solar as valued partners in the transaction. OMERS Infrastructure is proud to be invested in Leeward as we expand our investment in clean energy, consistent with our long-term plan to increase our footprint in this growing sector.”
At the close of the acquisition, 50 First Solar development team members joined Leeward, expanding Leeward’s total employees base to nearly 200, factoring in projected new hires by the end of 2021.