NewQ1 2026 Clean Energy Deal Intelligence Report is live
FinancingClosedApril 23, 2025

Coles Wind — 300 MW wind farm, Coles County, Illinois (PJM/MISO)

Construction + term loan underwritten by Santander; J.P. Morgan as sole tax equity partner. Part of Apex's $2.79B in 2025 financial commitments across 670 MW of projects (Coles Wind, Emerson Creek Wind, Raven Storage). Apex's 7th wind project to reach financial close.

$680M

Deal Value

300MW

Capacity

Wind

Technology

IL

Location

Deal Details

Deal Type
Project Finance
Seller / Sponsor
Apex Clean Energy
Buyer / Financier
Santander, J.P. Morgan
Deal Value
~$680M
Stage
Construction
ISO/RTO
PJM

Finance Counterparties

Lenders & Capital Providers

constructionDebtArrangers
Santander
termDebtArrangers
Santander
taxEquityProviders
J.P. Morgan

Related Deals

FinancingJan 2026

Three projects totaling ~670 MW: Emerson Creek Wind (269 MW, OH), Coles Wind (300 MW, IL), Raven Storage (100 MW BESS, TX)

Apex Clean Energy → Multiple (see notes)

$2.79B

FinancingSep 2025

Emerson Creek Wind — 269 MW wind farm, Erie and Huron Counties, Ohio (PJM)

Apex Clean Energy → CIBC, Helaba, Santander (construction); Wells Fargo (tax equity)

~$650M

FinancingDec 2024

Prosperity Wind — 300 MW wind farm, Piatt County, Illinois (PJM)

Apex Clean Energy → CIBC, Crédit Agricole CIB (CLAs); J.P. Morgan, undisclosed (tax equity); BofA, KeyBanc, NatWest, PNC, AIB, Bayerische Landesbank, National Bank of Canada (joint lead arrangers)

Undisclosed (~$700M est.)

FinancingDec 2023

SunZia Wind (3,515 MW) + SunZia Transmission (550-mile HVDC, 3,000 MW capacity) — largest clean energy infrastructure project in US history

Pattern Energy Group → Multiple (consortium)

$11B

FinancingJan 2024

Orion Solar Belt — 1.3 GW portfolio of 4 utility-scale solar projects (Orion I, Eiffel, Orion II, Orion III), Milam County, TX — 875 MWdc using 1.3M American-made First Solar modules

SB Energy Global (SoftBank / Ares Management) → J.P. Morgan, Bank of America, Morgan Stanley Renewables, Truist Bank, MUFG, Mizuho Americas, ING, SMBC, CIBC, Fifth Third Bank, Société Générale

$2.4B+

FinancingFeb 2024

RWE's first US green bonds — two tranches of $1B each (10-year and 30-year maturities) to fund US renewable energy projects across 146 solar, onshore wind, and battery storage sites

RWE AG → Multiple (bond investors)

$2B

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