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Apex Clean Energy has secured financing for the 189 MW Timbermill Wind facility, 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.
Timbermill Wind, located in Chowan County, is the first wind project approved in North Carolina by the Department of Environmental Quality since state lawmakers passed siting legislation in 2013. It will be the second wind farm ever built in the state and, through a power purchase agreement, will support the operations of a major corporate offtaker.
“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,” says Ken Young, Apex Clean Energy’s CEO.
“Amid a complex permitting landscape, Timbermill was enabled by strong community support, visionary partnerships, and deep development expertise – and today, the project is already delivering substantial local economic benefits while poised to meet the rising demand for carbon-free power.”
“As only the second wind farm in North Carolina, Timbermill is a unique project that Goldman Sachs is proud to invest in,” adds Ryan Newman, head of energy tax investing at Goldman Sachs. “Goldman Sachs is committed to financing the energy transition and supporting sponsors such as Apex Clean Energy that are developing valuable infrastructure projects such as Timbermill.”
The project also represents a noteworthy milestone in Apex’s collaboration with Weyerhaeuser, the anchor landowner for the project. The companies’ partnership on the wind project led to the 2021 announcement of an agreement for the additional development of 1,000 MW of projects on Weyerhaeuser property in the southeastern United States. Apex has since successfully signed lease agreements for and is advancing those projects.
In addition to generating tangible environmental benefits, Timbermill Wind will inject significant local economic benefits as Chowan County’s largest taxpayer. The facility, a shining example of partnership with state and local stakeholders, 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 – as well as 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.
