Apex secures $589M to build 150MW Illinois solar project
What's the deal? Apex Clean Energy has closed $589 million in loan and tax equity financing to fund the 150MW Spring Creek solar project in Macon County, Illinois. HelabaDealroom has a profile for this one. Try Dealroom →, KeyBankDealroom has a profile for this one. Try Dealroom →, and Barclays provided the capital.
The breakdown: Helaba and KeyBank supplied $352.1 million in construction and term loan financing. That includes a $226.3 million bridge loan due January 2028, a $103.8 million term loan, and a $22 million standby letter of credit, both due August 2031.
Who's new: Barclays provided the tax equity commitment — its first with Apex after years of financing the company at the corporate level.
Why it matters: Spring Creek is Apex's sixth project in Illinois. Its projects in the state now represent $3.5 billion in investment for facilities in operation and under construction.
The signal: The project will add capacity to the MISO grid, extending Apex's push into one of its most active markets and deepening its lender relationships as US solar build-out continues.
Read more: pfie.com
Image credit: peretzp
