Apex Secures Financing for 202 MW Lotus Wind

Charlottesville, VA – March 19, 2025 – Apex Clean Energy today announced the financing of the 202 MW Lotus Wind project, following the execution of a tax equity commitment from Goldman Sachs and a credit agreement with the Canadian Imperial Bank of Commerce (CIBC), U.S. Bank National Association (through its U.S. Bancorp Impact Finance subsidiary), the Export and Investment Fund of Denmark (EIFO), and Banco Sabadell as coordinating lead arrangers, and CaixaBank, S.A. as senior managing agent. CIBC is also serving as left lead arranger, admin agent, and green loan coordinator, and U.S. Bank Trust Company is the collateral and depositary agent.

Located in Macoupin and Morgan Counties, Illinois, Lotus Wind will serve the state’s growing demand for affordable, reliable energy. The project, which utilizes Vestas V163-4.5 MW turbines, is being constructed by MasTec, one of the nation’s top power plant construction companies, and will create hundreds of local jobs and approximately $150 million in new earnings across Illinois during construction.

“Lotus Wind represents a key addition to the nation’s diverse generation mix, supporting a reliable and resilient grid while helping stabilize energy prices for consumers and businesses across the region,” said Ken Young, CEO of Apex Clean Energy. “This project, enabled by these strong financing partnerships, exemplifies a commitment to providing some of the most affordable energy sources available today while strengthening our nation’s energy security, creating jobs, and supporting local communities.”

“CIBC is proud to have acted as left lead arranger, coordinating lead arranger, green loan coordinator, and administrative agent for the Lotus Wind financing,” said Ines Serrao, managing director and head of U.S. renewables. “The closing of this financing with Apex underscores our dedication to financing projects that will help our clients achieve their sustainability goals.”

In addition to generating clean, homegrown energy capable of powering the equivalent of 77,500 U.S. homes each year, Lotus Wind will create substantial economic benefits for the surrounding communities, including approximately $57 million in new property tax revenue over the project’s lifetime. These funds will support essential local services, schools, and infrastructure improvements across Macoupin and Morgan Counties.

Through the Lotus Wind community grant program, the project has already invested more than $125,000 in local organizations, creating meaningful impact in the communities that host the project. Additionally, the project is providing $200,000 in conservation funding to support initiatives including the Severson Dells Nature Center’s 168-acre rewilding project in Rockford and the Nature Conservancy’s ecological restoration of the 1,157-acre Spunky Bottoms floodplain along the Illinois River.

Lotus Wind is expected to begin commercial operations in 2026.