Apex Secures Financing for Texas Storage Facilities

Charlottesville, VA – May 14, 2024 – Apex Clean Energy today announced that First Citizens Bank Energy Finance business served as sole bookrunner and co-lead arranger on financings totaling more than $150 million for two battery energy storage projects in Texas.

Great Kiskadee Storage is a 100 MW/200 MWh battery energy storage system owned by SA Grid Solutions (a joint venture of Apex, SK Gas, and SK Eternix) and under construction in Hidalgo County, Texas. The other facility, Angelo Storage, is a 100 MW/200 MWh battery energy storage system in Tom Green County, Texas, also under construction. Both are expected to reach commercial operation by the third quarter of 2024. Bank United also served as co-lead arranger on the financings.

“Battery storage is crucial to building a more resilient grid and enhancing the reliability and cost-effectiveness of renewable energy—ultimately enabling our mission to accelerate the shift to clean energy,” said Ken Young, Apex Clean Energy CEO. “We greatly appreciated the industry knowledge and expertise of the First Citizens Energy Finance team in helping arrange these financings.”

“Apex Clean Energy has a strong and growing reputation throughout the renewable energy industry for identifying attractive clean energy project opportunities and managing them to successful completion,” said Mike Lorusso, managing director and group head for First Citizens Energy Finance. “It was a pleasure to work with them on this financing and we look forward to further opportunities to collaborate in the future.”