Apex Clean Energy secures project financing for wind project in Oklahoma

Apex Clean Energy has reached financial close of a US$216 million construction loan for the 151 MW Grant Wind project in Grant County, Oklahoma (USA).

Bayerische Landesbank, New York Branch, acted as the joint lead arranger, coordinating mandated lead arranger, and bookrunner for the transaction. Additionally, KeyBank National Association and Siemens Financial Services, Inc., acted as joint lead arrangers. Bayerische Landesbank is the administrative agent, collateral agent, and LC issuing bank.

The project is expected to utilize 66 wind turbines manufactured by Siemens and will be capable of generating enough electricity to help meet the energy needs of approximately 50,000 average U.S. homes.

Western Farmers Electric Cooperative, East Texas Electric Cooperative, and Northeast Texas Electric Cooperative have signed agreements to purchase the power and associated renewable energy credits (RECs) produced by Grant Wind. Each will have the option to keep or sell the RECs it receives.

Southern Company subsidiary Southern Power has announced an agreement to acquire Grant Wind upon successful completion of project construction. Apex will provide comprehensive asset management services led by an on-site operations team and supported by Apex’s Remote Operations Control Center located in Charlottesville, Virginia.

Mark Goodwin, president of Apex Clean Energy, stated:

“We are very pleased to be working with these industry leaders to bring another premiere wind generation asset to market.”

Alexander von Dobschütz, Global Head of Structured & Trade Finance at BayernLB, commented:

“BayernLB is dedicated to offering our clients the solutions they need to expand their business, and we are thrilled to have supported Apex again on this financing.”