Leeward Renewable Energy LLC has successfully completed the full-scale repower of its Crescent Ridge Wind Project, located in Tiskilwa, Ill.
The 54.4 MW repower included decommissioning nine turbines, repowering 24 legacy turbines and constructing four new turbines. The upgrades utilize the latest Vestas technology, enhancing turbine capacity, reliability and performance, while reducing operating costs.
Wells Fargo served as coordination lead arranger, administrative agent and collateral agent on the $92 million financing for the project, including a construction plus a five-year term loan, tax equity bridge loan, and a letter of credit facility, along with a commitment to provide tax equity. Concurrently with the completion of construction, the construction loan converted to a five-year term loan, and the tax equity bridge loan was discharged with proceeds from the funding of Wells Fargo’s tax equity commitment. Santander Bank, N.A. served as joint lead arranger.
“We are pleased that our Crescent Ridge project is operational and are proud to have provided jobs and other economic benefits to the Tiskilwa community throughout the construction and repower process,” says Sam Mangrum, Leeward’s VP of project management and construction. “I would like to thank the local landowners for their support and look forward to continue working closely with them in the years to come.”
The project will help Amazon meet its climate pledge commitment to reach net-zero carbon by 2040 and get one step closer to powering its operations with 100% renewable energy by 2025, 5 years ahead of the original 2030 target.
“This project gave Leeward the opportunity to work with multiple new and existing partners,” adds Chris Loehr, chief financial officer at Leeward. “We were thrilled to continue our strong relationship with Wells Fargo and Santander in financing the construction and ongoing operations. The respective commitments made by these established companies demonstrates their confidence in our technology and team to deliver clean, reliable energy.”
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