Apex Clean Energy secured a $2.79 billion financing package to build a 697 MW portfolio across wind and battery storage in the US. The capital covers two utility-scale wind projects and one standalone BESS, split across Ohio, Illinois, and Texas.

The structure matters more than the headline number. The financing was executed as three project-level financings, each with its own construction and term debt, letters of credit, and dedicated tax equity commitments. Emerson Creek and Coles Wind were financed separately, with tax equity from Wells Fargo and J.P. Morgan, while Raven BESS brought in Bank of Hope for the first time.

The insight is simple: lenders are underwriting assets, not platforms. This is not balance-sheet leverage or corporate capital. It is fully underwritten, asset-by-asset financing tied to construction-ready projects with defined scopes, counterparties, and tax equity in place.

Commercially, this lowers execution risk and shortens time to COD. Each project can move independently, insulating the portfolio from delays or repricing at a single asset. For developers, it preserves flexibility. For banks, it limits exposure to development drift.

This signals a market where scale alone is not enough. Capital is available, but only for portfolios that can be cleanly disaggregated, financed, and built. The winners will be those who structure early for project-level certainty, not those relying on future platform exits.

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