October 17, 2024 10:00 AM Eastern Daylight Time
OAKLAND, Calif.–(BUSINESS WIRE)–Primergy Solar, LLC (‘Primergy’), a leading developer, owner, and operator of utility-scale solar and energy storage projects, announced it closed commitments for $350 million in tax equity financing for the 408 MWac Ash Creek Solar project in Hill County, Texas.
This brings the total capital raised for the Ash Creek Solar project to nearly $1 billion. Earlier this year, Primergy announced $588 million in project financing for construction of the project and secured a long-term power purchase agreement with Microsoft. The Ash Creek Solar project is currently under construction and is expected to be operational in early 2025.
“This level of successful tax equity financing in today’s ERCOT market is a testament to our team’s ability to develop best-in-class projects,” said Tim Larrison, CFO of Primergy. “Large-scale solar projects are essential for decarbonizing and increasing the resilience of our nation’s electric grid. We are pleased with the continued partnerships and the trust we receive from leading financial institutions and investors, which are essential to delivering clean energy to communities across America.”
The tax equity investment was led by a Fortune 500 telecommunications company, with additional investment from Truist Bank. Primergy was advised by Latham & Watkins LLP and Paragon Energy Capital. The telecommunications company and Truist Bank were advised by Milbank LLP and Cornerstone Financial Advisors LLC.
This financing marks approximately $3.8 billion in total debt and tax equity financing commitments closed by Primergy and Quinbrook Infrastructure Partners for U.S. solar and battery storage assets since 2020.
Ash Creek Solar was originally developed by Orion Power Generation, LLC, a joint venture between Orion Renewable Energy Group LLC and Eolian. Primergy acquired the project in 2021.
For more information on Primergy, please visit www.primergysolar.com.
About Primergy Solar
Primergy Solar (www.primergysolar.com) is a developer, owner, and operator specializing in utility-scale solar PV and battery storage projects across the United States. The company manages a significant portfolio of operational and development-stage projects across major energy markets, including ERCOT, MISO, PJM, CAISO, WECC, and SERC. With a diverse and talented team bringing decades of expertise in renewable energy project development, financing, construction, and operations, Primergy Solar leads the industry in delivering innovative and sustainable energy solutions. Primergy Solar is a portfolio company of Quinbrook Infrastructure Partners and is the primary investment platform for Quinbrook Infrastructure Partners’ solar and solar plus energy storage activities in North America.
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Marjorie Bonga
marjorie@teamsilverline.com