Apex Clean Energy shifts to IPP model with solar tax equity financing deal

The Mulligan Solar project in Illinois. Source: Apex Clean Energy.

June 29 (Renewables Now) - Renewables developer Apex Clean Energy has obtained tax equity financing for the 70-MW Mulligan Solar project in Illinois that would be the first one fully owned and operated by the company.

Apex Clean Energy said in a statement on Tuesday that the move represents the company’s transition to a pure-play renewable energy independent power producer (IPP). It follows last year’s purchase of a majority stake in Apex by the Infrastructure and Power strategy of Ares Management Corporation (NYSE:ARES).

RBC Community Investments (RBC) arranged the tax equity, while Helaba provided a construction loan and back leverage. The exact size of the financing was not disclosed.

Mulligan Solar will be completed in Logan County next quarter and is expected to generate an estimated USD 7 million (EUR 6.6m) in local tax revenue, USD 21 million in payments to landowners, and close to 350 full-time local jobs during construction.

“Mulligan Solar—the first project for which Apex is the sole financial sponsor—represents a significant milestone in Apex’s trajectory and a meaningful shift in our ability to power the energy transition,” said Mark Goodwin, Apex Clean Energy president and CEO.

(USD 1 = EUR 0.947)

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