Leeward Renewable Energy, a portfolio company of OMERS Infrastructure, has bought a 10GW US solar development pipeline from First Solar for $261m (鈧�215.4m).
The pipeline includes projects in the California, Southwest and Southeast markets, which are geographically complementary to Leeward鈥檚 portfolio in the US.
The transaction will enable Leeward to expand its geographic footprint, expanding its development pipeline to 14GW with projects located in key markets across the US.
Currently, Texas-headquartered Leeward runs a portfolio of 21 wind farms across nine US states, totalling nearly 2GW of generating capacity. Its focus is on the Midwest, West and Texas markets.
Tom Frazier, managing director, OMERS Infrastructure, said the acquisition was a 鈥渒ey milestone鈥� for Leeward. 鈥淚t 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,鈥� he said.
Jason Allen, Leeward鈥檚 chief executive officer, said: 鈥淎cquisition of this development platform from First Solar will support our aggressive growth strategy as a leading independent power producer.鈥�
First Solar鈥檚 chief executive officer Mark Widmar, said sale of the platform was a result of strategic review the company announced in 2020.
He added that the sale was part of a transition that allowed First Solar to focus on doing what it did best - which was scaling, developing, and selling its world-class module technology.
Key members of the First Solar development team are expected to join Leeward upon closing.
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