Apex Clean Energy Secures Tax Equity Financing for 70 MW Illinois Solar Facility

Mulligan Solar First Project Financed in Apex Transition to IPP

Charlottesville, VA – June 28, 2022 – Apex Clean Energy today announced the tax equity financing of the 70 MWAC Mulligan Solar, marking the company’s transition to a pure-play renewable energy independent power producer (IPP). The shift to an IPP model follows an infusion of equity growth capital from the 2021 majority stake acquisition of Apex by Ares Management Corporation’s Infrastructure and Power strategy.

Mulligan Solar represents the first tax equity closing for an Apex project that the company is constructing and intends to fully own and operate. RBC Community Investments (RBC) arranged tax equity, with Helaba providing a construction loan and back leverage.

“Mulligan Solar—the first project for which Apex is the sole financial sponsor—represents a significant milestone in Apex’s trajectory and a meaningful shift in our ability to power the energy transition,” said Mark Goodwin, Apex Clean Energy president and CEO. “This transaction underscores the Apex team’s ability to deliver best-in-class renewable energy projects and market support for the new business model. We are pleased to partner with RBC, advancing the first of many clean energy projects we’ll realize from our industry-leading portfolio in the years ahead.”

Yonette Chung McLean, managing director at RBC said, “RBC is excited to have Mulligan Solar as part of our recent Impact Renewables fund. RBC’s tax equity platform, built on strong structuring and underwriting fundamentals, pairs well with Apex’s strategic priorities in the clean energy sector. As a sustainable finance leader, RBC remains solutions-focused on responsible investments in renewable energy.”

“We were excited to support the construction of the Mulligan project, including the bridging to expected tax equity, and we commend the Apex team on the timely execution on the RBC investment. We look forward to working with both Apex and RBC through final completion and successful operation of the project,” said Christian Jagenberg, executive vice president and general manager of Helaba New York Branch.

The project, located in Logan County, Illinois, is expected to begin operations in Q3 2022. Mulligan Solar will generate an estimated $7 million in local tax revenue, $21 million in payments to landowners, and nearly 350 full-time local jobs during construction.


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 FacebookTwitter, and LinkedIn.

About RBC Community Investments

RBC Community Investments is a leading provider of Renewable Energy Tax Credits, Low Income Housing Tax Credits, Workforce/Impact Housing, Historic Tax Credits, and State Tax Credits. Our team is dedicated to the financing and development of renewable energy solutions and affordable housing throughout the country. As of December 2021, our team of over 115 professionals has closed over $13 billion in tax credit equity with over 100 institutional investors. Investors receive a full suite of asset management and reporting services throughout the investment life cycle.

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