Author: PPD Team Date: 06/11/2024
Primergy Solar has secured $225 million in project financing for its Valley of Fire (VoF) renewable energy portfolio across Nevada, Colorado, and Arizona.
This financing includes a $125 million tax credit sale for the Gemini Solar + Storage project and a $100 million revolving credit facility from Rabobank to support additional VoF developments.
The VoF portfolio comprises the recently commissioned Gemini Solar + Storage project and five other ventures, collectively offering 2.65 GW of solar power and up to 1.5 GW of battery storage. These projects, in various stages of development, are set for progressive operational launches through 2030.
Among the key projects is the Purple Sage Energy Center in Nevada, featuring 400 MWac of photovoltaic (PV) capacity and 1.6 GWh of battery storage. Primergy received advisory services from Orrick and Paragon Energy Capital for the Gemini tax credit transfer, while Stoel Rives advised on the VoF credit facility arrangement.
Primergy’s CFO, Tim Larrison, emphasized the importance of Valley of Fire in the company’s expanding renewable portfolio, highlighting the added financing options, including tax credit sales and credit access, to scale clean energy solutions.
Primergy, backed by Quinbrook Infrastructure Partners, manages a portfolio across major energy markets, including CAISO, ERCOT, MISO, PJM, SERC, and WECC.