Transaction Marks Apex’s Second Successful Capital Recycling Deal
Apex Clean Energy announced an agreement with Electricity Generating Public Company Limited (EGCO Group) for the partial sale of a portfolio of energy assets in the United States. Under the agreement, EGCO Group will acquire a 49% ownership interest in the “Pinnacle II” portfolio, consisting of two projects with a combined capacity of 251 MW; Apex will retain the remaining stake and manage the facilities’ operations.
The Pinnacle II portfolio comprises the 126 MW Downeast Wind in Maine and the 125 MWac Wheatsborough Solar in Ohio.
“In today’s energy landscape, transactions like this collaboration with EGCO Group demonstrate the enduring value of bringing well-structured projects to completion,” said Ken Young, CEO of Apex. “As our second major capital recycling transaction, this partnership will enable Apex to further invest in our best-in-class portfolio of wind, solar, and storage projects across the country.”
With this deal, Apex continues to strengthen its position as a leading U.S. independent power producer with over 2.2 GW of assets operating and under construction in its growing portfolio. The transaction’s closing is expected in Q2 of this year and is subject to several conditions.
Downeast and Wheatsborough, currently in the final stages of construction and expected to begin operating in 2025, benefit from commercial arrangements with market-leading counterparties. Together, the projects created 350 jobs during construction and are anticipated to contribute $55 million in local tax revenue over the facilities’ lifetimes.
Discover the latest trends and insights—explore the Business Insights Journal for up-to-date strategies and industry breakthroughs!
