RENO, Nev., Jan. 8, 2025 /PRNewswire/ — Estuary Power closed a $340 million financing package for its Escape Solar and Storage project in Lincoln County, Nevada in late December 2024.
Escape exemplifies Estuary’s ability to develop complex, innovative projects that create value for multiple stakeholders. Escape includes 185 megawatts (“MW”) of solar photovoltaic capacity and 400 megawatt-hours (“MWh”) of battery energy storage capacity. Escape will supply power to four key Nevada customers under long-term agreements: 115 MW of solar and 400 MWh of battery energy storage to MGM Resorts International; 25 MW to Overton Power District; 25 MW to Caesars Entertainment; and 20 MW to Wynn Las Vegas.
Escape is currently under construction and will begin operating in 2025. Escape’s solar array is being constructed by Bechtel Infrastructure and Power Corporation. Its substation and certain transmission upgrades are being constructed by Dashiell Corporation. Tesla, Inc. is supplying and installing the battery energy storage system and JinkoSolar is supplying TOPCon photovoltaic modules.
Escape is the first utility scale solar project to be developed in Lincoln County, Nevada. The project will generate nearly $80 million in tax revenue for Lincoln County over its useful life. Escape will interconnect to Lincoln County Power District’s Mesa substation and transmit power over Lincoln County Power District’s and Overton Power District’s systems.
Estuary Power, based in Reno, Nevada, develops, owns, and operates large-scale energy generation and storage projects in the western United States. Estuary is a majority woman-owned business with financial backing from Ullico Infrastructure Fund (“UIF”), a $5.5 billion infrastructure fund focused on the development and refurbishment of U.S. infrastructure. UIF’s investors are primarily union pension funds, including several Nevada unions whose members are employed at Escape. Escape is being constructed by members of International Brotherhood of Electrical workers Locals 357 and 396, Operating Engineers Local 12, and Laborers’ International Union of North America Local 872 under Estuary’s Responsible Contractor Policy.
At a recent craft professional appreciation lunch at the Escape site, Brian Hale, President and CEO of Ullico Inc., conveyed how proud the company is to partner with Estuary Power and participate in the development of the Escape project. “Ullico is excited to continue to invest in Nevada and throughout the West. Through UIF and its partnership with Estuary, we can further realize the virtuous cycle of investing in strong infrastructure businesses on behalf of our investors, including union pension funds, to seek competitive risk-adjusted returns for their pensions and to create opportunities for union members to work.”
Jill Daniel, CEO of Estuary Power, said: “I am incredibly proud of the Estuary Power team for developing the Escape project with quality and integrity and on an astonishing timeline. We greatly appreciate the trust that our customers have placed in us to meet their sustainability goals. We look forward to supplying renewable energy to the iconic Las Vegas Strip and to our valued partner Overton Power District. We are thankful for the support of our financing partners in making the Escape project a reality.”
“Bechtel is delighted to be joining a fantastic team to deliver clean power to Estuary’s customers in southern Nevada,” said Kelley Brown, Operations Manager of Bechtel’s Renewables & Clean Power business. “Our commitment to Estuary and Ullico, with whom we’ve worked closely for 20 years, is to bring our best talent and industry-leading digital processes to deliver fast and effective results. We look forward to building a facility that will add to Nevada’s successful history of renewable power generation.”
Escape’s project financing includes a tax equity commitment from Morgan Stanley Renewables Inc.; a tax equity bridge loan provided by First Citizens Bank & Trust Company, Norddeutsche Landesbank Girozentrale (Nord/LB), and National Bank of Canada; and a long-term construction-to-term facility provided by Denham Capital on behalf of its clients.
Estuary was advised by CRC-IB, Norton Rose Fulbright LLC, and Morgan, Lewis & Bockius. Morgan Stanley was advised by Willkie Farr & Gallagher. The lender group was advised by Mayer Brown.
For more information about Estuary Power, please visit www.estuarypower.com or follow Estuary Power on Linkedin.
SOURCE Estuary Power