Apex Clean Energy has secured financing for a 300MW wind farm in Illinois, in the US.
The Prosperity Wind project in Piatt county will feature Vestas turbines and is under construction, supported by White Construction.
It will create nearly 400 jobs during construction.
Prosperity Wind is scheduled to begin commercial operations in early 2025.
Financing is secured, following the execution of tax equity commitments from lead investor JP Morgan and an undisclosed US-based investor.
Canadian Imperial Bank of Commerce (CIBC) and Credit Agricole Corporate and Investment Bank served as co-left lead arrangers and coordinating lead arrangers, with Allied Irish Bank Bank of America and others acting as joint lead arrangers for the construction and term debt financing.
Prosperity Wind is Apex’s fifth commercialised wind farm in the state.
The facility will serve both first-time and repeat customers, including Cargill and utilities Ameren Illinois Company, Commonwealth Edison Company, and MidAmerican Energy Company, supporting their power needs and sustainability goals.
“This collaborative effort from a diverse group of partners, new and repeat, shows how strong relationships drive successful projects,” said Ken Young, CEO of Apex.
“Together, this group has enabled Prosperity Wind and all of its benefits, from progressing state and corporate sustainability targets to injecting significant dollars into the local community.”
Ines Serrao, managing director and head of US renewables at CIBC, said: “CIBC is proud to play a leading role in the Prosperity Wind financing, supporting Apex in its strategy to accelerate the transition to clean energy.
“The financing is a further demonstration of CIBC’s leading capabilities in the North American renewable finance market and our commitment to enabling a more sustainable future.”
Prosperity Wind will generate approximately $93m in tax revenue over its lifetime, including $58m for neighbouring school districts, $13m for Piatt County and $10m for local townships.
Once operating, the facility is estimated to pay more than ten times the tax bill of the county’s current top taxpayer.
The project will also provide $300,000 in funding for regional conservation initiatives throughout 2024 and 2025.
