Apex Clean Energy has announced an agreement with ERG, a European renewable energy producer, for the partial sale of a portfolio of operating clean energy assets in the USA.
Apex will continue to own a 25% stake and manage the operations of the facilities, with ERG acquiring a 75% stake. The portfolio—the first in a series that will support Apex’s capital recycling program—includes 224.4 MW Great Pathfinder Wind in Iowa and 92.4 MWDC Mulligan Solar in Illinois. The projects began commercial operations in February 2023 and July 2022 respectively. The two assets benefit from tax equity investments and long-term power purchase agreements. The transaction's closing is expected within the first half of 2024 and is subject, inter alia, to investment approval from certain U.S. and European authorities (including CFIUS, HSR Commission, and DG Comp) and the consent to the change of control from relevant third parties (including tax equity investors and PPA counterparts).
