Apex Clean Energy has secured a $397 million construction loan for the 299-MW Kay Wind Project in Kay County, Oklahoma.
The wind project is expected to generate about $2.3 million annually in tax revenues and $2 million annually in royalty payments, as well as create 150 jobs during construction, and more than a dozen long-term jobs throughout operations. Blattner Energy Inc. will serve as the the engineering, procurement and construction (EPC) contractor.
Additionally, Apex has signed 20-year power purchase agreements (PPA) with Westar Energy (199-MW) and Grand River Dam Authority (GRDA, 100-MW) for power produced at the site. The site will utilize 130 Siemens (NYSE: SI) 2.3-MW wind turbines.
Southern Power, a subsidiary of Southern Co. (NYSE: SO), will acquire the project, while Apex will continue to provide asset management services through its on-site operations team.
With the addition of the Kay wind project, Southern Power will own more than 970-MW of renewable energy capacity already in operation or under development. The deal is expected to close in late 2015.
Bayerische Landesbank and Rabobank acted as the joint lead arrangers, coordinating lead arrangers and joint bookrunners for the transaction. Canadian Imperial Bank of Commerce, Commerzbank AG, KeyBank National Association, and Siemens Financial Services also acted as joint lead arrangers.
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