Apex Clean Energy Accelerates Transition to IPP Through Refinancing
Apex Secures Green Debt Facilities Totaling $650 Million, Positioning Company for Further Growth
Charlottesville, VA – August 2, 2022 – Apex Clean Energy today announced the refinancing and expansion of its corporate debt facilities to provide additional capital and flexibility for future growth. Partnering with eight global financial institutions on the transaction, Apex receives $650 million of debt capital through a $450 million senior secured green term loan facility and a $200 million senior secured green revolving letter of credit facility.
Santander Corporate & Investment Banking (Santander), Sumitomo Mitsui Banking Corporation (SMBC Group), Helaba, and Bank of Montreal (BMO) served as green structuring agents, coordinating lead arrangers, joint bookrunners, and syndication agents. Santander also served as administrative agent. Canadian Imperial Bank of Commerce (CIBC) served as joint lead arranger. Additional banks participating in the syndication include Bank of America, Royal Bank of Canada (RBC), and Forbright Bank.
“Apex is a fully integrated platform, equipped to realize clean energy assets from origination to operations,” said Mark Goodwin, Apex Clean Energy President and CEO. “This transaction will accelerate the next phase of growth as Apex builds projects on balance sheet and expands our diversified portfolio of operating assets with strong recurring revenues. Apex is honored to work with such renowned financial institutions as we continue to emerge as a leading pure-play clean energy independent power producer.”
The recapitalization follows the majority stake acquisition of Apex by funds and other accounts managed by Ares Management Corporation (Ares) in November 2021.
“Securing this attractive financing is a major milestone in advancing Apex’s long-term strategy and underscores the strong relationships that Apex and Ares have with the financing community,” said Keith Derman, Partner and Co-Head of Ares’ Infrastructure Opportunities strategy. “We’re proud to have worked with the Apex team to reach a successful closing, and we are excited that these financial institutions have joined us in supporting Apex’s growth and commitment to decarbonization.”
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 300 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, Twitter, and LinkedIn.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2022, Ares Management Corporation’s global platform had approximately $325 billion of assets under management, with over 2,100 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com. Follow Ares on Twitter @Ares_Management.
About Santander Corporate & Investment Banking
Santander Corporate & Investment Banking is a global division of Madrid-based Banco Santander, S.A. (NYSE: SAN) a banking Group with 155 million customers in the U.S., Europe, and Latin America. Santander supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication. The Group has become a leader in renewable energy finance and advice through its efforts to seek solutions in environment, social and corporate governance (ESG) and other areas to help customers transition toward more sustainable models and a less polluting economy. Santander’s coverage model combines local knowledge with global expertise of industry sectors of our clients. For more information, please visit https://www.santandercib.com/
About SMBC Group
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 140 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
As a leading bank in the German financial capital of Frankfurt with total assets of € 212 bn, Helaba employs approximately 6,300 people at 18 locations in Germany and around the world. The Asset Finance Division in Frankfurt/Main, London and New York arranges and participates in structured corporate, letter of credit and project finance transactions, with a major emphasis on renewable power generation, as well as other forms of energy infrastructure. Our world wide experience since 2004 spans over more than 200 renewable projects with a total capacity of 42 GW. For more information about our competencies, visit www.helaba.de/com.
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $1.04 trillion as of April 30, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network and locations across Canada, with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.
About Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 89,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
Forbright Inc. is the bank holding company for Forbright Bank. Forbright Bank (www.forbrightbank.com), rebranded from Congressional Bank, Member FDIC, is a full-service bank, commercial lender, and asset manager headquartered in Chevy Chase, Maryland, that is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change. With approximately $8 billion of owned and managed assets, the Bank provides lending, banking, and asset management services to clients across the United States. Its business banking group provides nationwide lending products, including real estate loans, working capital, warehouse lines of credit, term loans, and forward loan purchase agreements to entrepreneurs, growing middle market companies, and sophisticated investors and operators in clean tech, healthcare, financial services, technology, real estate, renewable energy, and other industries where a trusted and highly responsive lender is needed. The Bank provides sophisticated and competitive deposit products, which will soon include deposits linked to decarbonization- and sustainability-oriented loans to businesses and individuals.
Member FDIC. Forbright Bank is an equal housing lender and makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status.