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.

Want to stay updated on the latest renewable energy deals and strategies shaping the future of power?

Explore our latest insights, project updates, and more at Enerdatics.

Don’t forget to

subscribe to our newsletter

for real-time updates.