The Escape project will feature 185MW of solar photovoltaic (PV) capacity alongside 400MWh of battery energy storage capacity. Credit: Scharfsinn/Shutterstock.

Estuary Power has successfully closed a $340m financing package for its Escape solar and Storage project located in Lincoln County in the US state of Nevada.

The Escape project will feature 185MW of solar photovoltaic (PV) capacity alongside 400 megawatt-hours (MWh) of battery energy storage capacity.

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This combination aims to provide reliable power to four key customers in Nevada under long-term agreements: 115MW of solar and 400MWh of battery energy storage to MGM Resorts International, 25MW to Overton Power District, 25MW to Caesars Entertainment and 20MW to Wynn Las Vegas.

The financing for the Escape project includes a tax equity commitment from Morgan Stanley Renewables and a tax equity bridge loan provided by First Citizens Bank & Trust Company, Norddeutsche Landesbank Girozentrale (Nord/LB) and the National Bank of Canada.

It also includes a long-term construction-to-term facility provided by Denham Capital on behalf of its clients.

Currently under construction, the Escape project will begin operations in 2025.

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Estuary Power CEO Jill Daniel stated: “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.” 

The project’s solar array is being constructed by Bechtel Infrastructure and Power Corporation, while Dashiell is responsible for the substation and certain transmission upgrades.

The battery energy storage system (BESS) is being supplied and installed by Tesla, while JinkoSolar is providing TOPCon photovoltaic modules.

Escape is the first utility-scale solar project to be developed in Lincoln County, Nevada.

The project will generate $80m in tax revenue for Lincoln County during its operational life.

It will interconnect to Lincoln County Power District’s Mesa substation and transmit power over the systems of both Lincoln County Power District and Overton Power District.

CRC-IB, Norton Rose Fulbright and Morgan, Lewis & Bockius advised Estuary on the transaction.

Morgan Stanley received advisory services from Willkie Farr & Gallagher, while the lender group was advised by Mayer Brown.