Apex Clean Energy Sells Stake In 217 MW Renewables Portfolio

Apex Clean Energy, which builds, owns and operates utility-scale wind and solar power facilities, has sold its majority ownership stake in a 217 MW renewable energy portfolio to Northleaf Capital Partners, an independent global private markets manager with more than $7 billion in infrastructure and private equity commitments under management.

According to Apex, the portfolio consists of the 15.4 MW Phantom Solar facility currently under construction on-site at U.S. Army Garrison Fort Hood in Killeen, Texas, and the 50.4 MW Cotton Plains Wind and 151.2 MW Old Settler Wind facilities in Floyd County, Texas.

In a deal announced in January, the Defense Logistics Agency, on behalf of the Army, will purchase the power from Cotton Plains Wind and Phantom Solar to supply energy to Fort Hood. Further, Old Settler Wind will generate enough clean electricity to power an additional 51,000 average U.S. homes, according to Apex.

Fagen Inc. is serving as the balance-of-plant contractor on the wind projects, and Phoenix Solar is leading construction of the solar component. Once complete, the wind projects will comprise a combined 84 GE 2.4 MW turbines.

Apex says it will provide asset management services for all three facilities.

“Direct investments in fully contracted wind and solar assets are on strategy for Northleaf’s program, as they offer predictable long-term cashflows and returns for our investors,” says Jared Waldron, director at Northleaf. “The partnership with Apex is very strategic to us, given its track record as a leading renewable energy company.”

“The project achieves a number of ‘firsts,’ with on-site solar and off-site wind creating a hybrid solution to provide more than 50% of the annual load at Fort Hood – and at the same time, saving taxpayers an estimated $168 million in direct energy costs over the life of the project,” adds Mark Goodwin, president of Apex.

In separate transactions, Apex and Northleaf arranged debt financing and tax equity commitments for the projects. Apex adds that CohnReznick Capital Markets served as financial advisor.


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