Apex Secures Financing for Timbermill Wind, North Carolina’s Second Wind Farm

Milestone Enabled by Agreement with Fortune 50 Offtaker and Collaboration with Weyerhaeuser

Apex Clean Energy today announced the financing of the 189 MW Timbermill Wind facility, following the execution of construction financing from a consortium of lenders and a tax equity investment from Goldman Sachs. Construction financing is provided by coordinating lead arrangers Helaba (also acting as admin agent), BNP Paribas, SMBC, and Societe Generale.

Timbermill Wind, located in Chowan County, is the first wind project approved in North Carolina by the Department of Environmental Quality since state lawmakers passed siting legislation in 2013. It will be the second wind farm ever built in the state and, through a power purchase agreement, will support the operations of a major corporate offtaker.

“The successful financing of Timbermill Wind represents a pivotal milestone in North Carolina’s energy transition and underscores the growing demand for wind power in markets across the country,” said Ken Young, Apex Clean Energy CEO. “Amid a complex permitting landscape, Timbermill was enabled by strong community support, visionary partnerships, and deep development expertise—and today, the project is already delivering substantial local economic benefits while poised to meet the rising demand for carbon-free power.”

“As only the second wind farm in North Carolina, Timbermill is a unique project that Goldman Sachs is proud to invest in,” said Ryan Newman, head of energy tax investing at Goldman Sachs. “Goldman Sachs is committed to financing the energy transition and supporting sponsors such as Apex Clean Energy that are developing valuable infrastructure projects such as Timbermill.”

The project also represents a noteworthy milestone in Apex’s collaboration with Weyerhaeuser, the anchor landowner for the project. The companies’ partnership on the wind project led to the 2021 announcement of an agreement for the additional development of 1,000 megawatts of projects on Weyerhaeuser property in the southeastern United States. Apex has since successfully signed lease agreements for and is advancing those projects.

“With construction of Timbermill Wind well underway, our shared vision of a sustainable energy transition is coming to life,” said Russell Hagen, Weyerhaeuser senior vice president and chief development officer. “This project was years in the making, and the professionalism and dedication needed to build it is the reason we value our partnership with Apex. We are confident this will be the first of many Apex projects to be built on Weyerhaeuser property, which is a key objective in building our Natural Climate Solutions business.”

In addition to generating tangible environmental benefits, Timbermill Wind will inject significant local economic benefits as Chowan County’s largest taxpayer. The facility, a shining example of partnership with state and local stakeholders, will create approximately $33 million in tax revenue for the community, a new source of income for landowners, and more than 250 jobs during construction—as well as support regional reforestation and improvements by the Friends of the Great Dismal Swamp Wildlife Refuge and the North Carolina Wildlife Federation through Apex’s Conservation Grant Program.

Timbermill Wind is expected to begin commercial operations in late 2024.

About Apex Clean Energy

Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, development, construction, and operation of utility-scale wind, solar, and storage facilities, distributed energy resources, and green fuel technologies, Apex is expanding the renewable frontier across the United States. Our mission-driven team uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information about how Apex is building the energy company of the future, visit apexcleanenergy.com or follow us on Facebook, YouTube, and LinkedIn.

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