Apex Clean Energy Secures $216 Million Construction Loan for Grant Wind Project

365

Apex Clean Energy, an independent renewable energy company, recently announced that it has reached the financial close of a $216 million construction loan for the 151-MW Grant Wind project in Grant County, Oklahoma.

Bayerische Landesbank, New York Branch, acted as the joint lead arranger, coordinating mandated lead arranger, and bookrunner for the transaction. Additionally, KeyBank National Association and Siemens Financial Services, Inc., acted as joint lead arrangers. Bayerische Landesbank is the administrative agent, collateral agent, and LC-issuing bank. The project is expected to utilize 66 wind turbines manufactured by Siemens and will be capable of generating enough electricity to help meet the energy needs of approximately 50,000 average U.S. homes.

“We are very pleased to be working with these industry leaders to bring another premiere wind generation asset to market,” said Mark Goodwin, president of Apex Clean Energy.

(Apex Clean Energy)

“BayernLB is dedicated to offering our clients the solutions they need to expand their business, and we are thrilled to have supported Apex again on this financing,” said Alexander von Dobschütz, global head of Structured & Trade Finance at BayernLB.

Western Farmers Electric Cooperative, East Texas Electric Cooperative, and Northeast Texas Electric Cooperative have signed agreements to purchase the power and associated renewable energy credits (RECs) produced by Grant Wind. Each will have the option to keep or sell the RECs it receives. Southern Company, a subsidiary of Southern Power, has announced an agreement to acquire Grant Wind upon successful completion of project construction. Apex will provide comprehensive asset management services led by an on-site operations team and supported by Apex’s Remote Operations Control Center located in Charlottesville, Virginia.

Apex believes that Grant Wind is expected to generate about $500,000 per year on average in tax revenues for local counties and school districts, $1 million per year on average in royalty payments to local landowners, 100 local jobs during construction, and approximately eight high-quality, long-term jobs throughout operation.

— Source: Apex Clean Energy