Apex Completes Renewables Transaction To Northleaf Capital
Apex Clean Energy has sold a majority ownership stake in a 217 MW renewable energy portfolio to Northleaf Capital Partners, a leading independent global private markets manager with more than $7 billion in infrastructure and private equity commitments under management.
According to Apex, the portfolio consists of the 50.4 MW Cotton Plains Wind and 151.2 MW Old Settler Wind facilities in Floyd County, Texas, as well as the 15.4 MW AC Phantom Solar facility currently under construction on-site at U.S. Army Garrison Fort Hood in Killeen, Texas.
In a deal announced in January, the Defense Logistics Agency, on behalf of the Army, will purchase the power from Cotton Plains Wind and Phantom Solar to supply energy to Fort Hood. Old Settler Wind will generate enough clean electricity to power an additional 51,000 average U.S. homes. Apex will provide asset management services for all three facilities.
Fagen Inc. is serving as the balance-of-plant contractor on the wind projects, and Phoenix Solar is leading construction of the solar component. Once complete, the wind projects will comprise a combined 84 GE 2.4 MW turbines.
In separate transactions also closing today, Apex and Northleaf arranged debt financing and tax equity commitments for the projects. CohnReznick Capital Markets served as financial advisor to Apex.