Apex Clean Energy, has just this week, announce that it has reached financial close of a $397 million construction loan for the planned 299 MW Kay Wind Energy Project in Kay County, Oklahoma.
The Kay Wind Energy Project, 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.
Mark Goodwin, President of Apex Clean Energy had this to say:
We appreciate the dedication, creativity and financial strength that BayernLB, Rabobank, and the rest of the bank groups have brought to these transactions.
The participation of these global institutions is a key to the success of the project, which will save local power consumers millions over its lifetime and use no water, conserving about 7.92 million gallons of water per day when compared to what a conventional power plant would use to generate the same amount of energy.
Apex Clean Energy secured long-term power purchase agreements with Westar Energy and GRDA for Kay Wind, which will utilize 130 Siemens 2.3-MW turbines ( See picture) .
Westar Energy is based in Topeka, Kansas and GRDA is based in Vinita, Oklahoma. Upon completion, Southern Company subsidiary 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 inCharlottesville, Virginia.
Tom Emmons, Head of US Project Finance of Rabobank also commented on the deal:
Rabobank is pleased to be supporting Apex in this important transaction with Southern, especially as it represents a step forward in their strategy to not only develop, but also finance and own, large wind energy projects.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.