Apex Clean Energy Secures $120 Million in Financing from Ares Capital Corporation
Charlottesville, VA – September 26, 2018 – Apex Clean Energy today announced that it has secured a $120 million senior secured loan from Ares Capital Corporation (NASDAQ: ARCC). The investment represents a significant expansion of the credit partnership between the two companies that builds on previous project-level financings.
Proceeds will be utilized to advance Apex’s leading pipeline of utility-scale wind, solar and storage projects across the United States, as well as to fully consolidate corporate debt formerly held by Prudential Capital Group.
“We were pleased to continue and expand our strong relationship with Ares on this new transaction, which provides the financial foundation to enhance Apex’s trajectory as the nation’s leading independent clean energy company,” said Mark Goodwin, president and CEO of Apex Clean Energy.
“As we look ahead to our second decade of operations, the market is demanding unprecedented decarbonization at scale. Utilities, multinational corporations, states and localities are accelerating efforts to achieve 100% clean energy utilization, and Apex is uniquely positioned to partner with these leaders in every region of the country,” continued Goodwin. “Energy companies of the future will be valued on their ability to supply carbon solutions. Since our founding in 2009, Apex has worked with a singular focus toward this goal.”
About Apex Clean Energy
Apex Clean Energy develops, constructs, and operates utility-scale wind and solar power facilities across North America. Our mission-driven team of more than 200 renewable energy experts 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 on how Apex is leading the transition to a clean energy future, visit apexcleanenergy.com.
About Ares Capital Corporation
Ares Capital is a leading specialty finance company that provides one-stop debt and equity financing solutions to U.S. middle market companies and power generation projects. Ares Capital originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments primarily in private companies. Ares Capital has elected to be regulated as a business development company (“BDC”) and is the largest BDC by both market capitalization and total assets. Ares Capital is externally managed by a subsidiary of Ares Management, L.P. (NYSE: ARES), a publicly traded, leading global alternative asset manager. For more information about Ares Capital Corporation, visit www.arescapitalcorp.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.