The wind project will be the company’s fifth operational wind farm in the state. Credit: alexgo.photography/Shutterstock.

Apex Clean Energy has secured financing for the Prosperity Wind project, a 300MW wind farm located in Piatt County in the US state of Illinois.

The project, which is currently under construction, features 50 Vestas turbines. It is supported by White Construction and will create 400 jobs.

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The development marks Apex’s fifth commercialised wind farm in the state.

Financial closure was achieved following the execution of tax equity commitments from lead investor JP Morgan and an undisclosed US-based investor.

The Canadian Imperial Bank of Commerce (CIBC) and Crédit Agricole Corporate and Investment Bank served as co-left lead arrangers and coordinating lead arrangers.

Allied Irish Bank and Bank of America were among the institutions that acted as lead arrangers for the construction and term debt financing.

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CIBC managing director and US renewables head Ines Serrao stated: “CIBC is proud to play a leading role in the Prosperity Wind financing, supporting Apex in its strategy to accelerate the transition to clean energy.

“The financing is a further demonstration of CIBC’s leading capabilities in the North American renewable finance market and our commitment to enabling a more sustainable future.”

The Prosperity Wind facility is poised to serve a range of customers, including first-time clients and repeat partners such as Cargill, as well as utilities such as Ameren Illinois, Commonwealth Edison and MidAmerican Energy.

These collaborations support the power needs and sustainability goals of the involved parties.

Apex Clean Energy CEO Ken Young stated: “This collaborative effort from a diverse group of partners, new and repeat, shows how strong relationships drive successful projects.

“Together, this group has enabled Prosperity Wind and all of its benefits, from progressing state and corporate sustainability targets to injecting significant dollars into the local community.”

The Prosperity Wind project is expected to generate $93m in tax revenue over its operational lifetime, providing $58m for local school districts, $13m for Piatt County and $10m for local townships. Once operational in early 2025, the facility will contribute more than ten times the tax bill of the county’s current top taxpayer.

In addition to its economic benefits, the project will also provide $300,000 in funding for regional conservation initiatives throughout 2024 and 2025.

In May 2023, Apex Clean Energy and Powin agreed to develop two new battery storage projects in Texas.