Apex Clean Energy Secures Financing for Timbermill Wind
Apex Clean Energy has successfully announced the financing for the Timbermill Wind facility, a significant project that boasts a capacity of 189 MW. This achievement follows a collaborative effort with a consortium of lenders, including renowned financial institutions such as Helaba, BNP Paribas, SMBC, and Societe Generale, which provided the construction financing. Additionally, a crucial tax equity investment was made by Goldman Sachs, highlighting the growing interest in sustainable energy projects.
Significance of the Timbermill Wind Facility
Timbermill Wind is particularly noteworthy as it stands as North Carolina's first wind project approved by the Department of Environmental Quality, following new legislation that enabled such developments. This facility is also poised to be the second wind farm ever constructed in the state. Through a strategic power purchase agreement, Timbermill Wind will support the electricity needs of a major corporate offtaker, demonstrating the project’s integral role in the energy landscape.
Community Impact and Support
Ken Young, CEO of Apex Clean Energy, articulated the importance of this project's financing, stating, "The successful financing of Timbermill Wind represents a pivotal milestone in North Carolina’s energy transition." He emphasized that the project's progress is fueled by robust community support, strategic partnerships, and Apex's extensive development expertise. As Timbermill Wind progresses, it is anticipated to generate substantial local economic benefits alongside its renewable energy objectives.
Investment from Goldman Sachs
Goldman Sachs’ commitment to financing Timbermill Wind reflects its broader support for the transition to a clean energy future. "As only the second wind farm in North Carolina, Timbermill is a unique project, and we are proud to invest in its development," said Ryan Newman, who leads energy tax investing at Goldman Sachs. This endorsement underscores the investment firm's dedication to infrastructure projects that contribute to the sustainable energy movement.
Partnerships That Foster Growth
A significant collaboration has emerged between Apex and Weyerhaeuser, the principal landowner for Timbermill Wind. The partnership has resulted in plans for additional renewable energy projects, including an agreement to develop up to 1,000 megawatts of various energy projects on Weyerhaeuser property across the southeastern United States. This collaboration is a critical component of Apex's strategic objectives to enhance the footprint of sustainable energy.
Economic Benefits for the Community
Timbermill Wind is projected to be a powerful economic driver for Chowan County. It is anticipated to generate around $33 million in tax revenue, making it the largest taxpayer locally. Furthermore, the facility is set to create over 250 construction jobs, contributing significantly to the regional economy. Apex Clean Energy is also committed to environmental stewardship, partnering with local organizations to support reforestation efforts, enhancing community engagement.
Timeline for Project Completion
The Timbermill Wind facility is expected to begin its commercial operations towards the end of 2024. As the project advances, the collaborative efforts between Apex and various stakeholders will be pivotal in making a lasting impact on North Carolina's energy landscape.
About Apex Clean Energy
Apex Clean Energy is on a mission to accelerate the transition to renewable energy. Through its endeavors in developing and operating utility-scale wind and solar facilities, as well as energy storage solutions, Apex is at the forefront of clean energy innovation. Their data-driven approach empowers businesses to harness renewable energy effectively, while proactive partnerships with other entities ensure a sustainable future.
Frequently Asked Questions
What is the Timbermill Wind project?
The Timbermill Wind project is a 189 MW wind facility financed by Apex Clean Energy and partners, marking North Carolina's second wind farm.
Who financed the Timbermill Wind facility?
Construction financing was provided by a consortium including Helaba, BNP Paribas, SMBC, and Societe Generale, with a tax equity investment from Goldman Sachs.
What are the anticipated economic benefits?
The project is expected to generate approximately $33 million in tax revenue and create over 250 construction jobs in the local community.
When is the expected completion of Timbermill Wind?
Commercial operations for the Timbermill Wind facility are anticipated to commence in late 2024.
Who are the major partners involved in the project?
Apex Clean Energy is collaborating with Weyerhaeuser as the principal landowner and has received investment support from Goldman Sachs.
