Briefing on Apex Clean Energy

Apex Clean Energy is a leading renewable energy developer with a substantial operational fleet and active development pipeline, though it navigates significant regulatory and community-related hurdles.

Overview

• Apex Clean Energy operates 18 plants with a total capacity of 3.8 GW across 12 states.

• The fleet has an average age of 11 years, with the newest plant commissioned in 2025.

• Since 2023, 6 plants totaling 1.1 GW have been added to their portfolio.

Fleet Details

• The primary fuel mix includes Wind (12 plants, 3.2 GW), Solar (5 plants, 608 MW), and a minor contribution from Oil & Petroleum (1 plant, 7 MW).

• Key states of operation include Colorado, Texas, Illinois, Ohio, Oklahoma, North Dakota, North Carolina, Michigan, Virginia, and New York.

• Their largest plants are Singing Grass Wind (603 MW), Young Wind (500 MW), and Coles Wind (300 MW).

• Apex Clean Energy holds significant market positions, including #1 for Wind in Colorado, #4 and #5 for Wind in Illinois, #2 for Wind in Ohio, and #4 for Wind in North Dakota.

Development Pipeline and Commitments

• The company has an active queue of 2 projects totaling 699 MW, both utilizing wind technology.

• Recent commitments include the construction of Virginia’s first wind farm to supply all power to Google and the completion of the Downeast Wind project.

Challenges and Risks

• Permitting issues have been noted, with Riverstone Solar (an Apex Clean Energy entity) facing potential penalties.

• Projects like Coles Wind and the proposed Rocky Forge wind farm have encountered permitting delays and stiff headwinds, indicating regulatory and community resistance.

• Identified risk factors include R11_REGULATORY and R01_COD_DELAY, reflecting challenges in regulatory approvals and commercial operation date delays.

• The company is also weighing a pause on data centers due to spreading resistance across North Carolina.

Apex Clean Energy demonstrates strong growth in renewable energy, particularly wind, with a significant operational footprint and active development pipeline. However, the company faces notable challenges in permitting and community resistance, which could impact future project timelines and expansion efforts.