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Apex Clean Energy is closing out the year celebrating a couple of key financial agreements and the start of operations at North Carolina’s second-ever wind farm.
Today the Charlottesville, Virginia-based company announced support of its fifth project in Illinois, the 300-megawatt (MW) Prosperity Wind facility in Piatt County, IL, following the execution of tax equity commitments from lead investor J.P. Morgan and another undisclosed, well-known U.S.-based investor.
Earlier this month, Apex also secured financing for the 189 MW Timbermill Wind in Chowan County, NC, which celebrated the start of operations this week.
Project details
Prosperity Wind is currently under construction and is scheduled to begin commercial operations in early 2025. The power generated by its 50 Vestas turbines will serve several customers including Cargill and utilities Ameren Illinois Company, Commonwealth Edison Company, and MidAmerican Energy Company.
Apex estimates the project will create about 400 jobs and drum up approximately $93 million in tax revenue over its lifetime, including $58 million for neighboring school districts, $13 million for Piatt County, and $10 million for local townships. Once operating, the facility is estimated to pay more than ten times the tax bill of the county’s current top taxpayer. The project will also provide $300,000 for regional conservation initiatives throughout 2024 and 2025.
Timbermill Wind was the first commercial wind project approved in North Carolina by the Department of Environmental Quality since state lawmakers passed siting legislation in 2013. It was the second to be built, following the 208 MW Amazon Wind US East (also known as the Desert Wind Farm) project commissioned by Iberdrola subsidiary Avangrid earlier this year to support (you guessed it) Amazon. The power from Timbermill Wind’s 45 turbines will help fuel Google data centers via a previously announced power purchase agreement.
“The successful financing of Timbermill Wind represents a pivotal milestone in North Carolina’s energy transition and underscores the growing demand for wind power in markets across the country,” said Ken Young, Apex Clean Energy CEO. “Amid a complex permitting landscape, Timbermill was enabled by strong community support, visionary partnerships, and deep development expertise.”
Timbermill Wind will soon be the largest taxpayer in Chowan County, NC. Apex says the project will create approximately $33 million in tax revenue for the community, a new source of income for landowners, and more than 250 jobs during construction. It will also support regional reforestation and improvements by the Friends of the Great Dismal Swamp Wildlife Refuge and the North Carolina Wildlife Federation through Apex’s Conservation Grant Program.
Canadian Imperial Bank of Commerce (CIBC) and Crédit Agricole Corporate and Investment Bank served as co-left lead arrangers and coordinating lead arrangers of the Prosperity Wind financing, with Allied Irish Bank; Bank of America, N.A.; Bayerische Landesbank, New York Branch; KeyBanc Capital Markets Inc.; National Bank of Canada; NatWest; and PNC Bank, National Association, acting as joint lead arrangers for the construction and term debt financing.
Apex announced the financing of Timbermill Wind following the execution of construction financing from a consortium of lenders and a tax equity investment from Goldman Sachs. Construction financing is provided by coordinating lead arrangers Helaba (also acting as admin agent), BNP Paribas, SMBC, and Societe Generale.
