Apex sells 300-MW Balko Wind project in Oklahoma to D.E. Shaw

D. E. Shaw Renewable Investments LLC (DESRI) and Apex Clean Energy announced Jan. 12 the sale of the Balko Wind project in Beaver County, Oklahoma, to D.E. Shaw.

Apex developed the 300-MW project and sold it to an affiliate of DESRI in late 2014. Financing for the acquisition and construction of the project was provided by Santander Bank N.A., KeyBank N.A., Citi, and Banco de Sabadell S.A. Commitments for tax equity financing were provided by affiliates of Bank of America Merrill Lynch, General Electric Capital Corp., Google Inc., and Citi. CohnReznick Capital Markets Securities LLC acted as advisor to DESRI for the tax equity financing. Financial terms were not disclosed.

Apex began developing Balko in 2009 and oversaw the start of the construction by Mortenson Construction, the project’s engineering, procurement, and construction (EPC) contractor. DESRI will oversee the completion of construction and manage the project once operational, which is expected to be in the late summer of 2015.

Once completed, Balko Wind will comprise 162 General Electric 1.85-87 wind turbines. The project benefits from one of the strongest wind resources in the state of Oklahoma and has signed power purchase agreements with Public Service Co. of Oklahoma and Western Farmers Electric Cooperative.

“Balko Wind will deliver clean, cheap power to Oklahoma utilities, while offering long-term predictable returns for infrastructure investors,” said Mark Goodwin, Apex Clean Energy President. “This transaction highlights Apex’s broad capabilities to deliver attractive clean energy investment opportunities to our financial partners.”

Bryan Martin, a managing director and head of U.S. Private Equity for the D. E. Shaw group, said: “We are pleased to close on the acquisition of Balko, which we believe will be a valuable addition to DESRI’s renewable energy portfolio. We are confident that this project will benefit the community of Beaver County for years to come.”

DESRI and its affiliates acquire long-term contracted renewable energy assets in North America. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than 1,000 employees, approximately $34bn in investment capital as of October 1, 2014, and offices in North America, Europe, and Asia.

Apex Clean Energy is an independent renewable energy company focused on building utility-scale generation facilities. Apex is building one of the nation’s largest, most-diversified portfolios of renewable energy resources, capable of producing over 10,000 MW of clean energy. Apex has announced over 750 MW of power purchase agreements since 2013. In the coming year, Apex will bring five new U.S. wind energy facilities online, comprising over 1,000 MW of capacity. Apex will provide asset management services on three of these facilities, representing over 500 MW of capacity.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.