Ares Management, through funds managed by its Infrastructure and Power strategy, has acquired the 302MW Lincoln Land Wind project from Apex Clean Energy.
The project, which is is located in Morgan County, Illinois, US, is supported by long-term power purchase agreements with Facebook and McDonald’s, Apex’s two largest corporate customers.
Under the agreements, Facebook and McDonald’s will purchase around 175MW and 126MW of clean power from the project, respectively.
Apex has led the development of Lincoln Land Wind and Ares finalised the preconstruction milestones, including securing turbines, financing, and other project contracts.
Apex president and CEO Mark Goodwin said: “Repeat partnerships are the result of mission alignment, and Lincoln Land Wind is a perfect example.
“Alongside sustainability leaders Ares Infrastructure and Power, Facebook, and McDonald’s, Apex continues to drive the energy transition through projects that deliver significant and long-lasting benefits to the climate and the local community.”
Ares to provide construction services for Lincoln Land Wind
Ares said that Lincoln Land Wind is its 66th climate infrastructure investment, which represents a combined capacity of more than 7GW of power generation.
The company will also provide both construction and asset management services for the Lincoln Land Wind project.
The wind project will comprise 107 of GE 2.82-127 turbines, and is expected to begin operations in late 2021.
The project is expected to generate a local tax revenue of around $65m, payments to landowners totalling $90m, and nearly 400 full-time local jobs during construction.
Apex, Ares, McDonald’s, and Facebook, have previously partnered on the 525MW Aviator Wind project, which began operating in 2020. The project is located in Coke County, Texas.
Ares Infrastructure and Power co-head Keith Derman said: “We are excited to continue our long-standing and successful relationship with Apex, as well as Facebook and McDonald’s, and by our significant investment momentum in the North American renewables market.
“Lincoln Land Wind is an example of our value-add investment strategy and our ability to build a portfolio of well-structured, high-quality climate infrastructure assets for our investors.”
