Apex Begins Construction of 300 MW Canadian Hills Wind
Charlottesville, VA – May 23, 2012 – Apex Wind Energy, Inc. (“Apex”) recently began construction of the approximately 300 MW Canadian Hills Wind project (the “Project”), which is located just outside of Oklahoma City, OK. The Project is expected to begin commercial operation late this year. Upon completion, Canadian Hills will be the largest wind farm in Oklahoma, increasing the state’s installed wind capacity by 15%.
In March, Apex finalized the sale of Canadian Hills to Atlantic Power Corporation (“Atlantic”), while Atlantic simultaneously closed a $310 million construction financing for the $470 million project. The Project broke ground in April and its first foundations were poured earlier this month. Apex will manage construction of the Project and will retain a minority ownership interest.
“This is a good example of Apex’s strategy to develop and build high-value projects with our partners,” explained Mark Goodwin, president of Apex. “We have assembled a strong team and a national portfolio to bring turnkey project solutions to our utility, strategic and financial counterparties.”
Apex secured long-term power purchase agreements for 100% of the Project’s capacity with three electric utilities in the region. The Project will generate enough electricity to meet the needs of approximately 100,000 homes.
During construction, the Project will employ nearly 200 people, with 15-20 permanent jobs created to manage the Project’s long-term operations. Blattner Energy, Inc. was selected to provide engineering, procurement, construction and balance of plant services. In addition to $1.8 million in annual payments to landowners, the Project is expected to generate on average over $2.4 million in annual tax revenue that will benefit six school districts in the area.
Apex Wind Energy, Inc. is an independent wind energy company based in Charlottesville, VA. Since its founding in 2009, Apex has completed seven acquisitions and become one of the fastest-growing wind energy companies in the country. The company has a diversified portfolio of over 5,000 MW of wind energy facilities in development. The management team is comprised of experts from throughout the industry whose collective prior experience includes the development, financing, construction and operation of over $10 billion in wind energy facilities now operating in the United States. Please visit www.apexwind.com for more information.
Grady O’Shaughnessy, firstname.lastname@example.org, 434-220-6138