Apex closes financing for 224-MW Iowa wind project to power Meta

Apex Clean Energy today said it has secured financing for its 224-MW Great Pathfinder Wind project in Iowa after receiving a tax equity commitment from Bank of America Corp (NYSE:BAC).

The project, located in Boone and Hamilton counties, is under construction with start-up scheduled for the final quarter of 2022. Under a power purchase agreement (PPA) announced in January, Meta (NASDAQ:META) will offtake the project’s full capacity in what is its fifth such deal with Apex.

Featuring 66 GE wind turbines, the wind farm will be owned and operated by Apex. The developer completed construction financing in May with Santander Corporate and Investment Banking, Sumitomo Mitsui Banking Corp and Bank of America acting as coordinating lead arrangers and bookrunners. Apex said the deal closed on an accelerated timeline in view of the project’s planned commercial operations date this year.

In 2021, the Infrastructure and Power strategy of Ares Management Corp (NYSE:ARES) purchased a majority stake in Apex.

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