Apex Clean Energy said April 1 that it has reached financial close of a $397 million construction loan for the 299-MW Kay Wind Project in Kay County, Oklahoma.
Bayerische Landesbank, New York Branch,and Rabobank, New York Branch, acted as the Joint Lead Arrangers, Coordinating Lead Arrangers and Joint Bookrunners for the transaction. Additionally, Canadian Imperial Bank of Commerce, New York Branch, Commerzbank AG, New York Branch, KeyBank National Association, and Siemens Financial Services Inc. acted as Joint Lead Arrangers. Rabobank is the Administrative Agent, Collateral Agent and LC Issuing Bank.
“We appreciate the dedication, creativity and financial strength that BayernLB, Rabobank, and the rest of the bank groups have brought to these transactions,” said Mark Goodwin, President of Apex Clean Energy.
Westar Energy and the Grand River Dam Authority (GRDA), the purchasers of the power from the project, will have the ability to resell the renewable energy purchased to third parties, Apex noted. Kay Wind will utilize 130 Siemens 2.3-MW turbines. Upon completion, Southern Co. (NYSE: SO) subsidiary Southern Power expects to acquire the project from Apex. Apex will provide comprehensive asset management services led by an on-site operations team and supported by Apex’s remote operations control center in Charlottesville, Virginia.
“Rabobank is pleased to be supporting Apex in this important transaction with Southern, especially as it represents a step forward in their strategy to not only develop, but also finance and own, large wind energy projects,” said Tom Emmons, Head of US Project Finance of Rabobank.
“We are pleased to support Apex and Siemens, important BayernLB partners, by financing the construction of the Kay Wind project, which will provide competitively priced power to Oklahoma and the region,” said Alexander von Dobschutz, Global Head of Structured & Trade Finance at BayernLB.
Apex is constructing one of the nation’s largest, most-diversified portfolios of renewable energy resources, capable of producing more than 10,000 MW of clean energy. Apex has announced more than 750 MW of power purchase agreements since 2013. In the coming year, Apex will bring five new U.S. wind energy facilities online, comprising 1,164 MW of capacity. Apex will provide asset management services on four of these facilities, representing more than 800 MW of capacity.