Apex Clean Energy Receives Commitment from Bank of America, Will Supply Renewable Energy to Meta
Iowa Project to Be Owned and Operated by Apex, Supplying Renewable Energy to Meta in Fifth Transaction Between the Two Companies
Apex Clean Energy announced the financing of the 224 MW Great Pathfinder Wind project, following the execution of a tax equity commitment from Bank of America. In May, Apex closed on construction financing with Santander Corporate and Investment Banking (Santander), Sumitomo Mitsui Banking Corporation, and Bank of America acting as coordinating lead arrangers and bookrunners. Santander is also serving as administrative agent. The transaction closed on an accelerated timeline to support the project’s planned 2022 commercial operations date.
Upon completion, Great Pathfinder Wind will support Meta’s operations under a long-term power purchase agreement for the full capacity of the project. The PPA represents Apex’s fifth such transaction with Meta.
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“Apex, as a pure-play renewable energy company, has delivered more than $10 billion of clean energy resources to date, with projects in development to support an additional $50 billion in wind, solar, storage, and green fuels generation facilities,” said Mark Goodwin, Apex Clean Energy president and CEO. “From clean electrons in the grid to green fuels for industry and transport, we are delivering energy solutions to decarbonize sectors across our economy. Apex is the energy company of the future.”
Great Pathfinder Wind, located in Boone and Hamilton Counties, Iowa, is currently under construction and is expected to begin operations in Q4 2022. Apex is providing construction management services for the project and IEA Constructors, a wholly owned subsidiary of Infrastructure and Energy Alternatives, Inc., is constructing the project, which consists of 66 GE wind turbine generators.
The wind facility will generate an estimated $73.9 million in local tax revenue, $68.8 million in payments to landowners, and nearly 300 full-time local jobs during construction.
Source: Apex Clean Energy