Leeward Renewable Energy Operations’ $375 Million Green Bond Offering

Shearman & Sterling advised Leeward Renewable Energy Operations, while Latham & Watkins represented the initial purchasers in the offering.

Leeward Renewable Energy Operations, a wholly owned subsidiary of Leeward Renewable Energy, executed 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

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.

Wells Fargo Bank acted as Administrative Agent for the $100 million revolving credit facility that closed with the bond offering.

Shearman & Sterling advised Leeward Renewable Energy Operations in the offering and in the concurrent refinancing of its existing credit facilities and establishment of new revolving and letter of credit facilities with a team which inlcuded Jason Lehner (Picture), Robert Freedman, Larry Crouch, Devin S. Lei, Ryan Robski, Nicole Bennewies, Daniel Kachmar, Kaja Niewiarowska, and Nathan Bishop.

New York partner Keith Halverstam led the Latham capital markets team that advised on the offering, with New York associates Hana Nah, Simon Cooke, and Nicolas Gonzalez. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim, with New York associate Ted Gkoo; on real estate matters by New York counsel Betsy Mukamal; on environmental matters by New York partner Gary Gengel, with New York associate Sabrina Singh; on energy regulatory matters by Washington, D.C. partner Natasha Gianvecchio, with Washington, D.C. associate Carlos Clemente; and on data privacy and security matters by Bay Area counsel Robert Blamires, with Bay Area associate Adriana Beach.

Involved fees earner: Nicole Bennewies – Shearman & Sterling; Nathan Bishop – Shearman & Sterling; Larry Crouch – Shearman & Sterling; Robert Freedman – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Jason Lehner – Shearman & Sterling; Devin Lei – Shearman & Sterling; Kaja Niewiarowska – Shearman & Sterling; Ryan Robski – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: Leeward Renewable Energy, LLC;

Author: Martina Bellini