Apex Secures Green Debt Facilities Totaling $650 Million, Positioning Company for Further Growth
Apex Clean Energy announced the refinancing and expansion of its corporate debt facilities to provide additional capital and flexibility for future growth. Partnering with eight global financial institutions on the transaction, Apex receives $650 million of debt capital through a $450 million senior secured green term loan facility and a $200 million senior secured green revolving letter of credit facility.
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“Apex is a fully integrated platform, equipped to realize clean energy assets from origination to operations”
Santander Corporate & Investment Banking (Santander), Sumitomo Mitsui Banking Corporation (SMBC Group), Helaba, and Bank of Montreal (BMO) served as green structuring agents, coordinating lead arrangers, joint bookrunners, and syndication agents. Santander also served as administrative agent. Canadian Imperial Bank of Commerce (CIBC) served as joint lead arranger. Additional banks participating in the syndication include Bank of America, Royal Bank of Canada (RBC), and Forbright Bank.
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“Apex is a fully integrated platform, equipped to realize clean energy assets from origination to operations,” said Mark Goodwin, Apex Clean Energy President and CEO. “This transaction will accelerate the next phase of growth as Apex builds projects on balance sheet and expands our diversified portfolio of operating assets with strong recurring revenues. Apex is honored to work with such renowned financial institutions as we continue to emerge as a leading pure-play clean energy independent power producer.”
The recapitalization follows the majority stake acquisition of Apex by funds and other accounts managed by Ares Management Corporation (Ares) in November 2021.
“Securing this attractive financing is a major milestone in advancing Apex’s long-term strategy and underscores the strong relationships that Apex and Ares have with the financing community,” said Keith Derman, Partner and Co-Head of Ares’ Infrastructure Opportunities strategy. “We’re proud to have worked with the Apex team to reach a successful closing, and we are excited that these financial institutions have joined us in supporting Apex’s growth and commitment to decarbonization.”
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