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Apex Clean Energy Secures Financing for 224 MW Great Pathfinder Wind
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Apex Clean Energy has announced financing for the 224 MW Great Pathfinder Wind project, with a tax equity commitment from Bank of America. This project supports Meta through a power purchase agreement, marking Apex’s fifth collaboration with the tech giant. Upon completion, the wind facility in Iowa is expected to generate $73.9 million in local tax revenue and create nearly 300 jobs during construction. Apex aims to deliver over $50 billion in additional renewable energy projects, reinforcing its commitment to clean energy solutions.
Positive
Financing of the 224 MW Great Pathfinder Wind project supports Meta's renewable energy needs.
Expected to generate $73.9 million in local tax revenue and create nearly 300 jobs.
Apex aims to deliver $50 billion in new renewable energy projects, highlighting growth potential.
Negative
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Iowa Project to Be Owned and Operated by Apex, Supplying Renewable Energy to Meta in Fifth Transaction Between the Two Companies
CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--
Apex Clean Energy today 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.
"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.
About Apex Clean Energy
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 an 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 or follow us on Facebook, Twitter, and LinkedIn.
About Bank of America 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 $1.5 trillion in sustainable finance by 2030, approximately $250 billion of capital was mobilized and deployed aligned with the United Nations Sustainability Development Goals (UN SDGs) in 2021.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
About Santander Corporate & Investment Banking
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 U.S., Europe, and Latin America. Santander supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication. The Group has become a leader in renewable energy finance and advice through its efforts to seek solutions in environment, social and corporate governance (ESG) and other areas to help customers transition toward more sustainable models and a less polluting economy. Santander’s coverage model combines local knowledge with global expertise of industry sectors of our clients. For more information, please visit https://www.santandercib.com/
About SMBC Group 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. The Group has more than 140 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
What is the Great Pathfinder Wind project by Apex Clean Energy?
The Great Pathfinder Wind project is a 224 MW wind energy facility in Iowa that aims to supply renewable energy to Meta.
What is the financial commitment from Bank of America for the Great Pathfinder Wind project?
Bank of America has provided a tax equity commitment for financing the Great Pathfinder Wind project.
What are the expected economic impacts of the Great Pathfinder Wind project?
The project is expected to generate $73.9 million in local tax revenue and create nearly 300 jobs during construction.
How does Apex Clean Energy plan to expand its renewable energy projects?
Apex Clean Energy aims to support an additional $50 billion in renewable energy projects, focusing on wind, solar, and storage solutions.
What is the significance of the power purchase agreement with Meta?
The power purchase agreement with Meta allows Apex Clean Energy to supply the full capacity of the Great Pathfinder Wind project, reinforcing their partnership.
