"This strategic review is still underway, and an M&A transaction is one of the potential outcomes of that review," Dahvi Wilson, senior director of public affairs, told Windpower Monthly by email.
It could be one of the decade’s largest wind developer sales.
News of the possibility emerged in passing in a description of a talk on corporate M&A transactions at May’s Windpower 2018 conference in Chicago.
Part of the description of the 10 May presentation, to be given by Frank Palladino, director at CohnReznick Capital, said: "We’ll close out by discussing … our experiences leading the Apex Clean Energy sale, which will be one of the largest wind developer sales of the decade."
Regarding CohnReznick’s involvement, Apex’s Wilson confirmed that it has been an advisor in the strategic review.
Within minutes of Windpower Monthly contacting Apex about the potential sale, all mention of it had been erased from the website, operated by the American Wind Energy Association (AWEA).
Asked about a prospective sale, Dan Shreve, a partner at Make Consulting, said: "I would not be surprised." Both Apex and CohnReznick are clients of Make’s.
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 of operational wind projects, of which over 60% has been developed for commercial and industrial clients."
He also noted that about 5.5GW of Apex’s pipeline is slated for near-term development, which he said is increasingly important given the phase-out of the production tax credit.
"It could be a win-win transaction if a strategic partner with deeper pockets is able to aid Apex’s near-term development goals and acquire near term development assets versus higher priced, fully constructed and largely de-risked assets," he said.
A fast-growing developer, Apex is based in Virginia. It lists more than 60 wind projects in its portfolio, both online and in development and including Ikea's first North American wind investment.