Firm seeking wind permits in Chowan may be for sale
Monday, July 2, 2018
EDENTON — The Virginia-based wind energy company seeking permits to build a 40-turbine wind farm in Chowan County could potentially be sold to another company, a wind industry publication reported recently.
Dahvi Wilson, senior director of public affairs for Apex Clean Energy, told Windpower Monthly in April that Apex is currently undergoing a “strategic review,” and an “M&A transaction is one of the potential outcomes of that review.” An “M&A transaction” would be a merger or acquisition.
Apex currently owns more than 60 wind projects, including Ikea's first North American wind investment, according to Windpower Monthly’s article.
Apex is also currently seeking federal and state permits to build 40 wind turbines for its Timbermill Wind project in Chowan County.
A company official declined to say last week how the potential sale might affect the Timbermill project.
“At the moment, we have no further comment beyond what has previously been publicly reported,” said Cat Strumlauf, Apex’s manager of corporate communications.
News of Apex’s possible sale emerged during a talk about corporate mergers and transactions at a Windpower 2018 conference in Chicago in May, according to Windpower Monthly.
Frank Palladino, director at CohnReznick Capital, told the conference about his firm’s “experiences leading the Apex Clean Energy sale,” which he claimed would “be one of the largest wind developer sales of the decade."
Asked about CohnReznick’s involvement in a potential sale, Apex’s Wilson confirmed to Windpower Monthly that the firm has been an adviser for the strategic review.
Asked about a prospective sale, Dan Shreve, a partner at Make Consulting, told Windpower Monthly: "I would not be surprised." Both Apex and CohnReznick are clients of Make’s, according to the publication.
Shreve added: "In terms of Apex’s attractiveness as potential acquisition target, they remain one of the premier wind developers in the US. Apex has developed (about) 2.2GW (gigawatts) of operational wind projects, of which over 60 percent has been developed for commercial and industrial clients."