The renewable energy company building the 45-turbine Timbermill Wind facility in Chowan County has secured construction financing.
Apex Clean Energy, based in Charlottesville, Virginia, announced last week that institutions leading the construction financing are German-based Helaba, Japanese-based SMBC, and BNP Paribas and Societe Generale, both based in France. A tax equity investment from Goldman Sachs was secured as well.
Apex Clean Energy expects the utility-scale wind energy project to produce enough energy to power up to 47,000 homes a year. The turbines are being being erected across timber and agricultural lands.
The project represents a more than $500 million investment, a spokesperson of the company said Monday.
Timbermill Wind is the first wind project approved in North Carolina by the Department of Environmental Quality since state lawmakers passed siting legislation in 2013, and will be the second wind farm built in the state.
In August, Apex and Google announced a power-purchase agreement for the full 189 megawatt capacity of the wind turbine facility.
Timbermill Wind is expected to be Chowan County’s largest taxpayer, according to Apex Clean Energy, creating around $33 million in tax revenue and more than 250 jobs during construction, and support regional reforestation and improvements.
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