Apex Announces Strategic Asset Sale to ERG
Partial Portfolio Sale Totals 317 MW of Wind and Solar
Charlottesville, VA – December 21, 2023 – Apex Clean Energy today announced an agreement with ERG, a leading European renewable energy producer, for the partial sale of a portfolio of operating clean energy assets in the United States. Apex will continue to own a 25% stake and manage the operations of the facilities, with ERG acquiring a 75% stake.
The portfolio—the first in a series that will support Apex’s capital recycling program—includes 224.4 MW Great Pathfinder Wind in Iowa and 92.4 MWDC Mulligan Solar in Illinois. The projects began commercial operations in February 2023 and July 2022 respectively. The two assets benefit from tax equity investments and long-term power purchase agreements with market-leading 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,” said 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.
The transaction’s closing is expected within the first half of 2024 and is subject, inter alia, to investment approval from certain U.S. and European authorities (including CFIUS, HSR Commission, and DG Comp).
About Apex Clean Energy
Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, construction, and operation of utility-scale wind, solar, and storage facilities, distributed energy resources, and green fuel technologies, Apex is expanding the renewable frontier across North America. Our mission-driven team of more than 400 professionals uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information about how Apex is building the energy company of the future, visit apexcleanenergy.com or follow us on Facebook, YouTube, and LinkedIn.