Primergy Solar LLC has secured $225m in corporate and project financing for its Valley of Fire portfolio, which includes 2.65 GW of solar and up to 1.5 GW of battery storage capacity.
Quinbrook Infrastructure Partners’ primary platform for solar and solar-plus-storage projects in North America, Primergy announced on Friday that the financing package was arranged with Dutch lender Rabobank.
The package consists of a $125m tax credit sale for the Gemini hybrid park in Nevada and a $100m revolving credit facility.
The new funding will support further development of the Valley of Fire portfolio, which, in addition to Gemini, includes five projects in various stages of development across Nevada, Colorado, and Arizona, all slated for commissioning by 2030.
The Gemini complex, located in the Mojave Desert, offers 690 MW of solar capacity and 380 MW of battery storage and was brought online this summer.
“Adding tax credit sales to our financing toolbox along with increasing our access to additional credit capacity from leading financial institutions, like Rabobank, will help us to continue delivering clean energy at scale.
“In the proven Primergy way of responsible, stakeholder-oriented development,” stated Tim Larrison, CFO of Primergy.
