Funding supports expanded in ERCOT, MISO, PJM and WECC making Primergy’s project portfolio exceed 14 GW across the US
OAKLAND, Calif., December 23, 2022 — Primergy Solar, LLC (‘Primergy’), a leading developer, owner and operator of utility-scale solar, distributed solar and energy storage, announced the closing with Rabobank of a $75 million revolving credit facility with the option to increase up to $200 million. The facility will be used to support a growing development pipeline of solar and solar+storage projects across the U.S. Primergy’s near-term portfolio exceeds 3.2 GW of solar PV and c. 2.3 GW of storage projects targeting operational dates through 2026, which includes the previously announced Gemini and Iron Point/Hot Pot projects in Nevada. A further 5 GW of solar PV and 4.3 GW of storage projects are planned for operational dates after 2026.
“We are grateful for Rabobank’s partnership and support. This facility will allow Primergy to continue to expand our project portfolio, as we focus on developing large-scale solar and storage projects that deliver impactful decarbonization of power supplies in multiple U.S. regions and create positive financial impacts for local communities,” said Tim Larrison, Chief Financial Officer at Primergy.
The new debt facility further diversifies Primergy’s financing sources and supports the continued growth of a diverse portfolio of projects which now spans 17 states. Primergy’s projects are characterized by a strong focus on responsible siting, which minimizes land disturbance and impacts on local flora and fauna.
In addition to the 690MWac PV plus 1,416 MWhr BESS Gemini project currently under construction near Las Vegas Nevada, highlights of the company’s near-term portfolio include:
- 408 MWac Ash Creek site in Hill County, Texas: The Ash Creek Solar Project is centrally located between major urban load centers of Dallas and Austin. Construction is planned to begin in 2023 and the project will be operating by 2024. Ash Creek will provide approximately 250 full time equivalent jobs during construction and additional benefits to local schools and residents.
- 300 MWac Prairie Mist located in MISO South in Ashley County, Arkansas: The Prairie Mist Project is scheduled to be constructed in phases through 2026. The 100 MWac first phase is expected to generate 100 construction jobs and an estimated $10 million in revenues for Ashley County, and be operational in 2024. The project interconnects to Entergy’s transmission system and will provide a valuable renewable energy resource to support the region’s increasing demand for low-carbon power.
“As leading utility-scale developer, this facility provides Primergy a flexible financing vehicle through which it can efficiently grow its development pipeline targets,” said Claus Hertel, Managing Director, Project Finance. “Rabobank is pleased to have structured this financing to allow Primergy to meet its growth targets in diverse geographies and supporting the energy transition, representing a strong alignment with the bank’s strategy of supporting clients’ decarbonization goals.”
For more information on Primergy, please visit www.primergysolar.com.
About Primergy Solar
Primergy Solar, LLC (https://www.primergysolar.com) is a developer, owner and operator focused on both distributed and utility-scale solar PV and battery storage projects across the US. Primergy Solar is a portfolio company of Quinbrook Infrastructure Partners and is Quinbrook’s primary investment platform for Quinbrook Infrastructure Partners’ solar and solar plus energy storage activities in North America.
Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, and real estate services in more than 38 countries worldwide. Founded over a century ago, Rabobank today is one of the world’s largest banks with over $660 billion in assets.
In the Americas, Rabobank Wholesale Banking North America is a premier corporate and investment bank to the food, agribusiness, commodities and energy industries. Rabo AgriFinance, a subsidiary of Rabobank, is a leading financial services provider for farmers, ranchers and agribusinesses in the United States. Together, we provide sector expertise, strategic counsel and tailored financial solutions to clients across the entire value chain. Visit www.RabobankWholesaleBankingNA.com and www.RaboAg.com.