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    Apex Clean Energy Gets Financing for 224 MW Great Pathfinder Wind


    August 16, 2022 - EquityBites

     

      Apex Clean Energy has announced the financing of the 224 MW Great Pathfinder Wind project, following the execution of a tax equity commitment from Bank of America, the company said.

      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.

      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 USD 73.9 million in local tax revenue, USD 68.8 million in payments to landowners, and nearly 300 full-time local jobs during construction.

      Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, construction, and operation of utility-scale wind, solar, and storage facilities, distributed energy resources, and green fuel technologies, Apex is expanding the renewable frontier across North America. Our mission-driven team of more than 300 professionals uses a data-focused approach and a unrivaled portfolio of projects to create solutions for the world's most innovative and forward-thinking customers. For more information about how Apex is building the energy company of the future, visit apexcleanenergy.com.

      Bank of America has set tangible sustainable finance goals and made measurable progress in mobilizing and scaling capital deployment to help drive social and environmental change. In 2021, Bank of America set a goal to achieve net-zero greenhouse gas emissions in financing activities, operations and supply chain before 2050. As part of the company's commitment to deploy USD 1.5 trillion in sustainable finance by 2030, approximately USD 250 billion of capital was mobilized and deployed aligned with the United Nations Sustainability Development Goals (UN SDGs) in 2021.

      Santander Corporate & Investment Banking is a global division of Madrid-based Banco Santander, S.A. (NYSE: SAN) a banking Group with 155 million customers in the US, Europe, and Latin America. Santander supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication. For more information, visit https://www.santandercib.com/

      SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance.

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