Apex Clean Energy Case Study

05.09.17

Renewable energy company uses funding for its development platform

Apex Clean Energy is an independent renewable energy company headquartered in Charlottesville, Virginia. Founded in 2009, the company focuses primarily on building utility-scale generation facilities in North America. Apex has a deep pipeline of developing projects and a proven track record.

Heading into 2014, Apex started looking for new sources of capital to fund its growing energy portfolio. During the second quarter of the year, it entered into talks with Prudential Capital Group, which had introduced itself to the company the prior year and was viewed within Apex as an attractive potential financing partner.

After assessing Apex’s capital needs and long-term growth strategy, Prudential Capital agreed to provide $50 million in two debt tranches. In addition to providing a $25 million senior secured revolver, Prudential Capital also agreed to purchase $25 million in Apex senior subordinated notes. Prudential Capital was able to complete its diligence and documentation process within a short timeframe, allowing the transaction to close on January 29, 2015.

Apex Clean Energy is pleased to be partnering with Prudential Capital Group for its one-stop lending capability and its relationship-based approach to doing business.