Shearman And Sterling

News July 15, 2021

Leeward Renewable Energy Operations’ $375 Million Green Bond Offering

Shearman & Sterling advised Leeward Renewable Energy Operations, a wholly owned subsidiary of Leeward Renewable Energy, in connection with its Rule 144A/Regulation S offering of $375 million aggregate principal amount of its 4.250 percent Senior Notes due 2029 (Green Bonds). The net proceeds from the offering were used to finance or refinance, in whole or in part, one or more new or existing Eligible Projects pursuant to Leeward Renewable Energy’s Green Bond Framework. Shearman & Sterling also advised Leeward Renewable Energy in connection with the concurrent refinancing of its existing credit facilities and establishment of new revolving and letter of credit facilities.

Leeward Renewable Energy is a leading renewable energy company that owns and operates a portfolio of 21 renewable energy facilities across nine states totaling approximately 2,000 megawatts of generating capacity. Leeward Renewable Energy is actively developing new wind, solar, and energy storage projects in energy markets across the United States, with 17 gigawatts under development spanning over 100 projects.

Leeward Renewable Energy is a portfolio company of OMERS Infrastructure Management, an investment arm of OMERS Administration Corporation, one of Canada’s largest defined benefit pension plans with C$105 billion in net assets as at December 31, 2020. OMERS Infrastructure Management is a leading infrastructure investor with a more than 20 year track record and net investments of C$22.1 billion as of December 31, 2020.

The Team