Apex Clean Energy has made an agreement with ERG for the 75% sale of a portfolio of operating clean energy assets in the U.S. while continuing to own a 25% stake and manage operations of the facilities.
The portfolio is the first in a series supporting Apex’s capital recycling program and includes the commercially operating 224.4 MW Great Pathfinder Wind in Iowa and 92.4 MWDC Mulligan Solar in Illinois. The two assets benefit from tax equity investments and long-term PPAs with market counterparts.
“Great Pathfinder and Mulligan represent the successful launch of our capital recycling program, intended to bring best-in-class renewable portfolios to market and enabling our team to advance more megawatts than ever before,” says Ken Young, CEO of Apex.
“In ERG, we’ve found a new partner with a shared commitment to driving the energy transition. As we celebrate this first collaboration, we envision the potential for a long-term partnership that will not only advance our organizations but also accelerate decarbonization at scale.”
Apex was advised on the transaction by J.P. Morgan Securities LLC and Santander, which is expected to close by the second half of next year.