Apex Clean Energy has announced the financing of the 224MW Great Pathfinder Wind project, following the execution of a tax equity commitment from Bank of America.
In May, Apex closed on construction financing with Santander Corporate and Investment Banking (Santander), Sumitomo Mitsui Banking Corporation, and Bank of America acting as coordinating lead arrangers and bookrunners. Santander is also serving as administrative agent. The transaction closed on an accelerated timeline to support the project’s planned 2022 commercial operations date. Upon completion, Great Pathfinder Wind will support Meta’s operations under a long-term power purchase agreement for the full capacity of the project. Great Pathfinder Wind, located in Boone and Hamilton Counties, Iowa, USA, is currently under construction and is expected to begin operations in Q4 2022. Apex is providing construction management services for the project and IEA Constructors is constructing the project, which consists of 66 GE wind turbine generators. The wind facility will generate an estimated $73.9 million in local tax revenue, $68.8 million in payments to landowners.