Apex Clean Energy has announced the successful financing of its 300 MW Prosperity Wind facility, marking a significant milestone in the company’s renewable energy portfolio. The financing was secured through tax equity commitments from lead investor J.P. Morgan and another prominent U.S.-based investor. Co-left lead arrangers and coordinating lead arrangers for the construction and term debt financing included Canadian Imperial Bank of Commerce (CIBC) and Crédit Agricole Corporate and Investment Bank, supported by joint lead arrangers Allied Irish Bank, Bank of America, Bayerische Landesbank New York Branch, KeyBanc Capital Markets, National Bank of Canada, NatWest, and PNC Bank.
Located in Piatt County, Illinois, Prosperity Wind is Apex’s fifth wind farm in the state. The facility will supply clean energy to both new and existing customers, including Cargill and utilities such as Ameren Illinois Company, Commonwealth Edison Company, and MidAmerican Energy Company. These partnerships will help meet growing power demands while advancing sustainability goals.
“This collaborative effort from a diverse group of partners, both new and longstanding, underscores how strong relationships drive successful projects,” said Ken Young, CEO of Apex Clean Energy. “Together, this group has enabled Prosperity Wind and its many benefits, from advancing state and corporate sustainability targets to injecting significant financial resources into the local community.”
CIBC’s involvement reflects its commitment to renewable energy. “We are proud to play a leading role in the Prosperity Wind financing, supporting Apex in its mission to accelerate the transition to clean energy,” said Ines Serrao, managing director and head of U.S. renewables at CIBC. “This financing highlights CIBC’s expertise in North American renewable energy markets and our dedication to a sustainable future.”
Economic and Environmental Impact
The Prosperity Wind project is expected to generate approximately $93 million in tax revenue over its lifetime. This includes $58 million allocated to local school districts, $13 million to Piatt County, and $10 million to nearby townships. Once operational, the facility’s annual tax payments will exceed ten times those of the county’s current largest taxpayer. Additionally, $300,000 will be directed toward regional conservation initiatives in 2024 and 2025.
Construction and Timeline
The project, powered by Vestas turbines, is currently under construction with White Construction serving as the primary contractor. Nearly 400 jobs have been created during the construction phase, with commercial operations slated to begin in early 2025.
Apex Clean Energy’s Mission
Founded with a singular focus on accelerating the transition to clean energy, Apex Clean Energy develops, constructs, and operates utility-scale wind, solar, and storage facilities, along with distributed energy resources and green fuel technologies. With a mission-driven, data-focused approach and an extensive portfolio of projects, Apex delivers cutting-edge renewable energy solutions for its innovative customers across the United States.
Prosperity Wind is set to play a critical role in supporting Illinois’ clean energy goals while bringing transformative benefits to the local community and the broader renewable energy landscape.
