LOS ANGELES & CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Apex Clean Energy and Ares Management Corporation (NYSE: ARES) (“Ares”) today announced that funds managed by Ares’ Infrastructure and Power strategy acquired the Lincoln Land Wind project, located in Morgan County, Illinois, from Apex. The 302 MW wind project builds on a successful history of partnership between the two companies and showcases the industry’s strong momentum headed into 2021.
Apex led the development of Lincoln Land Wind and Ares finalized preconstruction milestones, including securing turbines, financing (tax equity and debt), and other project contracts. Lincoln Land Wind has long-term power purchase agreements with Facebook and McDonald’s, Apex’s two largest corporate customers. The companies, both considered pioneers in corporate sustainability, will purchase approximately 175 MW and 126 MW, respectively, of clean power from Lincoln Land Wind.
All four counterparties—Apex, Ares, McDonald’s, and Facebook—previously partnered on Aviator Wind, the largest single-phase, single-site project in the nation, which began operating in 2020.
“Repeat partnerships are the result of mission alignment, and Lincoln Land Wind is a perfect example,” said President and CEO of Apex Mark Goodwin. “Alongside sustainability leaders Ares Infrastructure and Power, Facebook, and McDonald’s, Apex continues to drive the energy transition through projects that deliver significant and long-lasting benefits to the climate and the local community.”
“We are excited to continue our long-standing and successful relationship with Apex, as well as Facebook and McDonald’s, and by our significant investment momentum in the North American renewables market,” said Keith Derman, Co-Head of Ares Infrastructure and Power. “Lincoln Land Wind is an example of our value-add investment strategy and our ability to build a portfolio of well-structured, high-quality climate infrastructure assets for our investors.”
Lincoln Land Wind is Ares’ 66th climate infrastructure investment, which collectively represent over 7 GW of power generation.
“We’re delighted to continue to grow our utility-scale wind portfolio with Lincoln Land,” said Steve Porto, Managing Director of Ares Infrastructure and Power. “Once Lincoln Land becomes operational in late 2021, we will have constructed, commercialized, and commissioned over 1.2 GW of utility-scale wind projects in the preceding eighteen months, making Ares Infrastructure and Power a top-tier builder of wind in the United States during that period.”
Lincoln Land, which will comprise 107 GE 2.82-127 turbines, has completed development, and is expected to begin operations in late 2021. Apex will provide both construction and asset management services for the project.
The project will generate approximately $65 million in local tax revenue, $90 million in payments to landowners, nearly 400 full-time local jobs during construction, and nine long-term local operations positions.
About Apex Clean Energy
Apex Clean Energy develops, constructs, and operates utility-scale wind and solar power facilities across North America. Our mission-driven team of more than 200 renewable energy experts uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information on how Apex is leading the transition to a clean energy future, visit apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated groups across Credit, Private Equity, Real Estate and Strategic Initiatives. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent, attractive investment returns for fund investors throughout market cycles. As of September 30, 2020, Ares Management's global platform had approximately $179 billion of assets under management with more than 1,400 employees operating across North America, Europe and Asia Pacific. For more information, please visit www.aresmgmt.com.
About Ares Infrastructure and Power
Ares Infrastructure and Power (“AIP”) provides flexible capital across the climate infrastructure, natural gas generation, and energy transportation sectors. AIP leverages a broadly skilled and cohesive team of more than 25 investment professionals with deep domain experience and has deployed nearly $9 billion of capital in more than 200 different infrastructure and power assets and companies as of September 30, 2020.