Apex Clean Energy has refinanced and expanded its corporate debt facilities, to provide additional capital and flexibility for future growth.
Eight banks are providing US$650 million of debt capital, through a US$450 million senior secured green term loan facility and a US$200 million senior secured green revolving letter of credit facility.
Santander Corporate & Investment Banking, Sumitomo Mitsui Banking Corporation, Helaba, and Bank of Montreal served as green structuring agents, coordinating lead arrangers, joint bookrunners, and syndication agents.
Santander also served as administrative agent. Canadian Imperial Bank of Commerce served as joint lead arranger. Other participating banks include Bank of America, Royal Bank of Canada, and Forbright Bank.
The recapitalization follows the majority stake acquisition of Charlottsville, Virginia-based Apex by funds and other accounts managed by Ares Management Corporation in November 2021.
NYSE-listed Ares is a global alternative investment manager, across the credit, private equity, real estate and infrastructure asset classes. As of March 31 2022, Ares had approximately US$325 billion of assets under management.
"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,“ says Apex president and chief executive officer Mark Goodwin.
Apex Clean Energy is involved in the origination, construction, and operation of utility-scale wind, solar and storage facilities, distributed energy resources, and green fuel technologies across North America.