Apex Clean Energy has closed its refinancing round with US$200 million to develop more utility-scale wind, solar and storage projects in the US.
The renewables operator signed a deal with a family office led by green financing groups Zoma Capital and Plexus Solutions to fund Apex’s future projects as the size of the country’s solar market is expected to surge over the coming years.
Investment had slowed down over the course of 2020 due to supply chain disruption and construction delays brought on by the global health crisis. However, market analysts predict this is a temporary issue and funding for renewables projects and entities will return to pre-COVID-19 levels next year, particularly with the climate-conscious Biden administration set to take office in January.
Mark Goodwin, president and chief executive of Apex Clean Energy, said the $200 million investment will “help shape the future of the American energy sector as we transition our economy to renewable resources”.
Research carried out by the Solar Energy Industries Association (SEIA) and Wood Mackenzie predicts that, due to project delays and demand from the Investment Tax Credit project completion deadline on 31 December 2023, next year could be record-breaking for US non-residential solar at nearly 2.4GWdc.
Apex Clean Energy has commercialised US$8.7 billion of wind and solar projects since its founding in 2009, with an overall clean energy capacity of 6.5GW. It also operates the largest renewable energy project serving the US Army: a hybrid PV and wind plant that was built in Fort Hood, Texas, in 2017.