Apex Clean Energy receives $216m loan for Grant Wind project in Oklahoma

Renewable energy company Apex Clean Energy has secured construction loan of $216m for its 151MW Grant Wind project in Oklahoma.

Located in the Grant County, the project will deploy 66 wind turbines manufactured by Siemens.

The project is expected to generate enough electricity to help meet the energy needs of approximately 50,000 average US homes with tax revenues amounting to $500,000 per year on average for local counties and school districts, $1m on average in royalty payments to local landowners

In addition the project is also expected to provide 100 local jobs during construction, and about 8 high-quality long-term jobs throughout operation.

The power and associated renewable energy credits (RECs) produced by Grant Wind has been purchased by Western Farmers Electric Cooperative, East Texas Electric Cooperative, and Northeast Texas Electric Cooperative.

Each of the purchasing companies will exercise the right to either keep or sell the RECs it receives.

Apex Clean Energy president Mark Goodwin said: "We are very pleased to be working with these industry leaders to bring another premiere wind generation asset to market."

BayernLB Structured & Trade Finance global head Alexander von Dobschütz said: "BayernLB is dedicated to offering our clients the solutions they need to expand their business, and we are thrilled to have supported Apex again on this financing."

Additionally, on completion of project construction, the Grant Wind will be acquired by Southern Company subsidiary Southern Power.

Construction is expected to begin in the third quarter of this year with the project slated to be operational by the first quarter of 2016.