Apex Clean Energy Closes Financing for 300 MW Prosperity Wind

Charlottesville, VA – December 16, 2024 – Apex Clean Energy today announced the financing of the 300 MW Prosperity Wind facility, following the execution of tax equity commitments from lead investor J.P. Morgan and another well-known U.S.-based investor. Canadian Imperial Bank of Commerce (CIBC) and Crédit Agricole Corporate and Investment Bank served as co-left lead arrangers and coordinating lead arrangers, with Allied Irish Bank; Bank of America, N.A.; Bayerische Landesbank, New York Branch; KeyBanc Capital Markets Inc.; National Bank of Canada; NatWest; and PNC Bank, National Association, acting as joint lead arrangers for the construction and term debt financing.

Located in Piatt County, Illinois, Prosperity Wind is Apex’s fifth commercialized wind farm in the state. The facility will serve both first-time and repeat customers, including Cargill and utilities Ameren Illinois Company, Commonwealth Edison Company, and MidAmerican Energy Company, supporting their power needs and sustainability goals.

“This collaborative effort from a diverse group of partners, new and repeat, shows how strong relationships drive successful projects,” said Ken Young, CEO of Apex. “Together, this group has enabled Prosperity Wind and all of its benefits, from progressing state and corporate sustainability targets to injecting significant dollars into the local community.”

“CIBC is proud to play a leading role in the Prosperity Wind financing, supporting Apex in its strategy to accelerate the transition to clean energy,” said Ines Serrao, managing director and head of U.S. renewables at CIBC. “The financing is a further demonstration of CIBC’s leading capabilities in the North American renewable finance market and our commitment to enabling a more sustainable future.”

Prosperity Wind will generate approximately $93 million in tax revenue over its lifetime, including $58 million for neighboring school districts, $13 million for Piatt County, and $10 million for local townships. Once operating, the facility is estimated to pay more than ten times the tax bill of the county’s current top taxpayer. The project will also provide $300,000 in funding for regional conservation initiatives throughout 2024 and 2025.

The project, which utilizes Vestas turbines, is currently under construction, supported by White Construction and creating nearly 400 jobs. Prosperity Wind is scheduled to begin commercial operations in early 2025.