Apex Clean Energy Secures $50 Million in Financing from Prudential Capital Group
Charlottesville, VA – February 10, 2015 – Apex Clean Energy, an independent renewable energy company, announced today that it has secured $50 million in financing from Prudential Capital Group. The proceeds of the financing will be utilized to advance Apex’s project pipeline, including project development, acquisitions and general corporate purposes.
“We look forward to partnering with Apex. In addition to its strong management team and considerable pipeline, Apex has a compelling project development track record and the resources to expand its platform toward long-term ownership and operation,” said Ric Abel, managing director with Prudential Capital Group.
Mark Goodwin, Apex Clean Energy President, added, “We are very pleased to be entering into this long-term relationship with Prudential Capital Group. As we continue to build out our renewable energy pipeline, this capital will support the investments required to push projects forward across our portfolio.”
“We founded Apex in 2009, at a time when financial markets were in turmoil, with private investors who shared our commitment to clean energy. Since then, our investment thesis has not changed: the low cost of clean energy has been the key factor driving growth in the market. This is what has enabled our portfolio to deliver compelling returns and attract top-tier investors like Prudential Capital Group. We also see the intrinsic value of clean energy: our reserves are not subject to depletion, our fuel is delivered to our facilities at no cost, and our power plants do not produce emissions or consume water. The cultivation of energy sources with these attributes will enable a more sustainable energy future and deliver long-term value to our shareholders.”
Apex Clean Energy is an independent renewable energy company focused on building utility-scale generation facilities. Apex is building one of the nation’s largest, most-diversified portfolios of renewable energy resources, capable of producing over 10,000 MW of clean energy. Apex has announced over 750 MW of power purchase agreements since 2013. In the coming year, Apex will bring five new U.S. wind energy facilities online, comprising over 1,000 MW of capacity. Apex will provide asset management services on four of these facilities, representing over 800 MW of capacity.
Prudential Capital Group has been a leading provider of private debt, mezzanine and equity securities to companies worldwide for more than 70 years. Managing a portfolio of $71.6 billion as of December 31, 2014, Prudential Capital offers senior debt and mezzanine capital, leveraged leases, and equipment finance to companies, worldwide. The global regional office network has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Los Angeles, Milan, Minneapolis, Newark, N.J.; and New York, Paris and San Francisco. For more information, please visit www.prudentialcapitalgroup.com.
For Apex media inquiries, please contact:
Dahvi Wilson, Communications Manager
For Prudential media inquiries, please contact:
John Chartier, Director, Communications