Apex Clean Energy, a renewable energy project developer, entered into an agreement with Electricity Generating Public Company Limited (EGCO Group) to sell its 49% ownership interest in the Pinnacle II project portfolio, which consists of two projects totaling 251 MW in the U.S.
Apex will retain the remaining shares and manage the portfolio operations.
The portfolio comprises the 125 MWac Wheatsborough solar project in Ohio and the 126 MW Downeast wind project in Maine.
Both projects are currently in the final stages of construction and are expected to begin commercial operation in 2025.
The company has not disclosed the financial details of the transaction, which is expected to close in the second quarter of this year and is subject to several conditions.
“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.”
According to the company, the projects are expected to create 350 jobs during construction and are anticipated to contribute $55 million in local tax revenue during their lifetimes.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, 217 large-scale solar project acquisitions totaling 37.7 GW were transacted in 2024, compared to 231 transactions totaling 45.4 GW in 2023.
Last week, AIP Management, a Nordic-based investment manager in diversified decarbonization infrastructure, agreed to acquire a 49.99% equity stake in the 300 MW solar with a co-located 200 MW/400 MWh battery energy storage Pine Forest project from Clearway Energy Group, a utility-scale renewable energy and storage project developer.
