Apex Clean Energy, an independent renewable energy company, is pleased to announce it has reached financial close of a $397 million construction loan for the 299 MW Kay Wind Project in Kay County, Oklahoma.
The company believes that Kay Wind is expected to generate about $2.3 million per year in tax revenues for local counties and school districts, $2 million per year in royalty payments to local landowners, 150 local jobs during construction, and more than a dozen high-quality long term jobs throughout operations.
Apex Clean Energy secured long-term power purchase agreements with Westar Energy and GRDA for Kay Wind, which will use 130 Siemens 2.3-MW turbines. Westar Energy is based in Topeka, Kansas and GRDA is based in Vinita, Oklahoma.
Upon completion, Southern Co. unit Southern Power expects to acquire the project from Apex. Apex will provide comprehensive asset management services led by an on-site operations team and supported by Apex's remote operations control center located in Charlottesville, Virginia.
Bayerische Landesbank, New York Branch and Rabobank, New York Branch acted as the Joint Lead Arrangers, Coordinating Lead Arrangers and Joint Bookrunners for the transaction. Additionally, Canadian Imperial Bank of Commerce, New York Branch, Commerzbank AG, New York Branch, KeyBank National Association, and Siemens Financial Services, Inc. acted as Joint Lead Arrangers. Rabobank is the Administrative Agent, Collateral Agent and LC Issuing Bank.