Solar

Apex Clean Energy becomes independent power producer

Apex Clean Energy becomes independent power producer
Apex Clean Energy is developing, and will own and operate, the 70 MWac Mulligan Solar project in Illinois. (Courtesy: Apex Clean Energy)

Apex Clean Energy is becoming an independent power producer.

The developer of utility-scale solar, wind, green fuels, and energy storage projects announced the tax equity financing of the 70 MWAC Mulligan Solar project, marking the company's transition to a pure-play renewable energy IPP.

Apex made the move after an infusion of equity growth capital from the 2021 majority stake acquisition of Apex by Ares management Corporation's Infrastructure and Power strategy.

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Apex intends to fully own and operate the Mulligan Solar project. This is Apex's first tax equity closing for a project that the company is building.

The Mulligan Solar project, located in Logan County, Illinois, is expected to begin operations in Q3 2022.

Mulligan Solar will generate an estimated $7 million in local tax revenue, $21 million in payments to landowners, and nearly 350 full-time local jobs during construction.