Apex Clean Energy has successfully obtained financing for the 189 MW Timbermill Wind project, facilitated through a construction financing arrangement from a consortium of lenders, which includes tax equity investment from Goldman Sachs.
The construction financing is coordinated by lead arrangers Helaba, which is also acting as the administrative agent, alongside BNP Paribas, SMBC, and Sociéte Générale.
The Timbermill Wind facility, situated in Chowan County, marks the first wind project approved by North Carolina’s Department of Environmental Quality since the enactment of siting legislation in 2013. It will become the second operational wind farm in the state and will facilitate a power purchase agreement with a significant corporate offtaker.
Ken Young, CEO of Apex Clean Energy, stated, “The successful financing of Timbermill Wind is a crucial milestone in North Carolina’s transition to renewable energy and reflects the increasing demand for wind power across the nation.”
“Despite navigating a complex permitting process, Timbermill has benefited from robust community support, strategic partnerships, and extensive development expertise, resulting in tangible local economic advantages while contributing to the growing need for carbon-neutral energy sources.”
Ryan Newman, head of energy tax investing at Goldman Sachs, added, “Timbermill, as only the second wind farm in North Carolina, is a distinctive investment opportunity. Goldman Sachs is dedicated to funding the energy transition and backing developers like Apex Clean Energy, who are creating significant infrastructure projects, including Timbermill.”
This project signifies a milestone in Apex’s collaboration with Weyerhaeuser, the primary landowner involved. Their partnership led to a 2021 agreement for the potential development of up to 1,000 MW of additional projects on Weyerhaeuser land in the southeastern United States, with Apex progressing on lease agreements for these future endeavors.
In addition to its environmental advantages, Timbermill Wind is expected to provide substantial local economic benefits, establishing itself as Chowan County’s largest taxpayer. The facility is projected to generate approximately $33 million in tax revenue for the community, offer new income sources for landowners, and create over 250 jobs during the construction phase. Additionally, it will support local reforestation efforts and improvements through initiatives by the Friends of the Great Dismal Swamp Wildlife Refuge and the North Carolina Wildlife Federation, funded by Apex’s Conservation Grant Program.