Apex Clean Energy has secured financing for the Prosperity Wind project, a 300MW wind farm under construction in Piatt County, Illinois, US.
The project, featuring 50 Vestas turbines, is supported by White Construction and will generate 400 jobs. It marks Apex’s fifth commercial wind farm in Illinois.
Financial closure followed tax equity commitments from lead investor JP Morgan and an undisclosed US-based investor. The Canadian Imperial Bank of Commerce (CIBC) and Crédit Agricole Corporate and Investment Bank acted as co-left lead arrangers and coordinating lead arrangers. Allied Irish Bank and Bank of America also served as lead arrangers for the construction and term debt financing.
CIBC managing director and US renewables head Ines Serrao stated: “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.”
The Prosperity Wind facility will serve various customers, including corporations such as Cargill and utilities like Ameren Illinois, Commonwealth Edison, and MidAmerican Energy.
Apex Clean Energy CEO Ken Young commented: “This collaborative effort from a diverse group of partners, new and repeat, shows how strong relationships drive successful projects.”
The project is expected to generate $93m in tax revenue during its operational lifetime, including $58m for local school districts, $13m for Piatt County, and $10m for local townships. Once operational in early 2025, it will contribute more than ten times the tax bill of the county’s current top taxpayer.
Additionally, Prosperity Wind will provide $300,000 in funding for regional conservation initiatives across 2024 and 2025.
In May 2023, Apex Clean Energy partnered with Powin to develop two new battery storage projects in Texas.