Today (April 22), Leyline Renewable Capital announced its role in funding the Longbow Solar project - a total of $52 million to facilitate the solar development in Brazoria County, Texas.
Leyline, a leading provider of debt and equity capital for renewable energy development and construction, partnered with developers Capital Clean Partners and Aspen Creek Power Holdings, LLC in June 2021 on the project to generate over 100MW of renewable energy.
Because of Leyline's investment and their ability to close the loan quickly, the project has remained on track for summer 2022 completion and has avoided much of the procurement and supply chain delays facing the industry today. Upon projected completion, the project will sell most of its energy to a traditional power buyer in the Electric Reliability Council of Texas (ERCOT) region. A portion of the energy generated will contribute to behind-the-meter load.
"Leyline's development capital was instrumental in preserving the project's intended summer 2022 placed-in-service timing - prior to the traditional capital markets being ready to invest in the project," said Tiffany Elliott, founder and CEO of Clean Capital Partners.
The construction of the Longbow solar project comes on the heels of significant solar growth in Texas. According to an analysis by Environment Texas, solar energy is poised for a period of rapid growth over the next five years in the state. In fact, the amount of solar power generated in Texas is expected to double by the end of 2022.
"Partnerships like the one Leyline has enjoyed with Clean Capital and Aspen Creek are our company's bread and butter," said Erik Lensch, CEO of Leyline Renewable Capital. "We love working quickly to help developers bring their projects to life, on schedule and on budget, to urgently fight climate change."
About Leyline Renewable Capital
Leyline Renewable Capital invests in the development, construction, and financing of sophisticated renewable energy projects. Backed by a team of seasoned investors with deep experience in the renewable industry, Leyline provides financing that bridges the gaps between development, construction, and operations. By investing in both the pre- and post-construction phases of renewable energy projects, Leyline is able to accelerate the development process and help developers scale their business. Leyline leverages a broad base of experience in greenfield project development, design, construction, and finance with an extensive network of relationships with industry leaders to provide support and capital for projects from concept to commercial operation. Leyline actively promotes anti-racism and diversity in the renewables industry and reports quarterly on its environmental impact and social change efforts. Learn more about Leyline Renewable Capital at https://leylinecapital.com.
