Renewa, a land and infrastructure investor, has closed a sale-leaseback transaction with Leeward Renewable Energy (LRE) for the White Wing Ranch Solar project in Maricopa County, Ariz. Financial terms were not disclosed.
LRE anticipates bringing the White Wing Ranch Solar facility, which is already under construction, into commercial operations by the end of June 2024. Once complete, White Wing Ranch will be capable of generating 168 megawatts of clean, reliable energy and will deliver that energy to Verizon through a power-purchase agreement. This deal supports the continued growth of LRE’s project pipeline, while allowing the company to maintain long-term site control for the construction and operation of the project. Renewa said the LRE transaction is one of several sale-leasebacks the company has closed on in the past year.
Gage Mooring, co-founder and co-CEO of Renewa, said despite capital markets tightening, the company remains determined to continue partnering