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.
Texas solar project
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."
