August 3 (Renewables Now) - Renewables developer Apex Clean Energy has obtained USD 650 million (EUR 635.8m) of debt capital to support its future growth, the company announced on Tuesday.
Apex has arranged the refinancing and expansion of its corporate debt facilities with eight global financial institutions, receiving a USD-450-million senior secured green term loan facility and a USD-200-million senior secured green revolving letter of credit facility.
Santander Corporate & Investment Banking, Sumitomo Mitsui Banking Corp (SMBC Group), Helaba, and Bank of Montreal (BMO) acted as green structuring agents, coordinating lead arrangers, joint bookrunners and syndication agents, while Canadian Imperial Bank of Commerce (CIBC) served as joint lead arranger. Bank of America, Royal Bank of Canada (RBC) and Forbright Bank also took part in the syndication.
“This transaction will accelerate the next phase of growth as Apex builds projects on balance sheet and expands our diversified portfolio of operating assets with strong recurring revenues,” commented Mark Goodwin, Apex Clean Energy’s president and CEO.
Apex is active in the origination, construction and operation of utility-scale wind, solar and energy storage facilities, as well as distributed energy resources and green fuel technologies. Last November, the Infrastructure and Power strategy of Ares Management Corporation (NYSE:ARES) acquired a majority stake in the company.
(USD 1 = EUR 0.978)