Pinnacle II consists of two projects with a combined capacity of 251 megawatts (MW)—the 126-MW Downeast Wind project in Maine and the 125-MW Wheatsborough Solar project in Ohio. (Source: Shutterstock)
Electric Generating Public Co. (EGCO) is acquiring a 49% ownership interest in Apex Clean Energy’s Pinnacle II portfolio, according to an April 8 press release. Financial details were not disclosed.
Pinnacle II consists of two projects with a combined capacity of 251 megawatts (MW)—the 126-MW Downeast Wind project in Maine and the 125-MW Wheatsborough Solar project in Ohio, the release stated.
Downeast and Wheatsborough are in the final stages of construction and expected to begin operating in 2025.
Apex said it will retain the remaining stake and manage the facilities’ operations. The company said it holds more than 2.2 gigawatts of assets operating and under construction in its portfolio.
“In today’s energy landscape, transactions like this collaboration with EGCO Group demonstrate the enduring value of bringing well-structured projects to completion,” said Apex Clean Energy CEO Ken Young. “As our second major capital recycling transaction, this partnership will enable Apex to further invest in our best-in-class portfolio of wind, solar, and storage projects across the country.”
The transaction is expected to close in second-quarter 2025.
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