Estuary Power has closed a $340 million financing package for the Escape solar and storage project in Lincoln County, Nevada. The project will feature 185MW of solar capacity combined with 400MWh of battery energy storage, providing reliable power to key customers including MGM Resorts International, Overton Power District, Caesars Entertainment, and Wynn Las Vegas.
The financing includes tax equity commitments from Morgan Stanley Renewables, along with a tax equity bridge loan from First Citizens Bank & Trust Company, Nord/LB, and the National Bank of Canada. Denham Capital provided a long-term construction-to-term facility.
The Escape project, under construction, is expected to begin operations in 2025. Estuary Power CEO Jill Daniel expressed pride in the project’s development and the trust customers placed in the company to meet sustainability goals.
Bechtel Infrastructure and Power Corporation is constructing the solar array, with Dashiell handling the substation and transmission upgrades. Tesla is providing the battery storage system, and JinkoSolar is supplying the solar modules.
As the first utility-scale solar project in Lincoln County, Escape will generate $80 million in tax revenue over its operational life and interconnect with local power systems.
Legal advisors for Estuary included CRC-IB, Norton Rose Fulbright, and Morgan, Lewis & Bockius. Morgan Stanley was advised by Willkie Farr & Gallagher, and the lender group was advised by Mayer Brown.