Apex Secures $397 Million Construction Loan For Kay Wind

I am pleased to announce that Apex has secured the $397 million construction loan required to build Kay Wind, located in Kay County, Oklahoma.  Kay Wind is a 299 MW project which will utilize 130 Siemens 2.3 MW turbines, and will provide enough power to meet the energy needs of approximately 100,000 US homes.  We believe that Kay Wind will generate about $2.3 million per year in tax revenues for local counties and school districts, $2 million per year in royalty payments to local landowners, 150 local jobs during construction, and more than a dozen high-quality long term jobs throughout operations. 

We have secured long-term power purchase agreements with Westar Energy for about 199MW and GRDA for about 100MW.  Westar Energy is based in Topeka, Kansas and GRDA is based in Vinita, Oklahoma.  Upon completion, Southern Company subsidiary Southern Power expects to acquire the project from Apex.  Kay Wind will represent Southern Power's first wind project, and their largest renewable project to date.

Upon commencement of operations, we will provide comprehensive asset management services led by an on-site operations team and supported by Apex’s remote operations control center located in Charlottesville, Virginia.  The Apex remote operations control center (ROCC) located in Charlottesville, VA is manned 24 hours/day, 7 days/week, 365 days/year by a team of highly skilled Operators who monitor and control all of our managed clean energy assets remotely utilizing an industry standard supervisory control and data acquisition system (SCADA).  This will allow open communication with the turbine manufacturer, Siemens, and the full time team working on site at Kay Wind. By the end of 2015, we expect to be managing over 800MW of wind energy assets from the ROCC.