Utility-scale solar and battery storage projects developer Primergy Solar has secured $225m in project financing for its Valley of Fire (VoF) portfolio in the US states of Nevada, Colorado and Arizona.
The company closed a $125m tax credit sale for the Gemini Solar + Storage project and a $100m revolving credit facility provided by Rabobank, to further the development of additional VoF projects.
The VoF portfolio is a collection of energy projects consisting of the early 2024-commissioned Gemini Solar + Storage project and five other ventures.
Collectively, the projects offer 2.65GW of solar power and the potential for up to 1.5GW of battery storage capacity.
Currently in various stages of development, the projects are expected to become operational progressively through to 2030.
Among them is the contracted Purple Sage Energy Center, a 400MWac [megawatts alternating current] PV [photovoltaic] 1.6 gigawatt-hour battery storage project in Nevada.
For the Gemini tax credit transfer sale, Primergy received advisory services from Orrick and Paragon Energy Capital.
Stoel Rives provided counsel for the arrangement of the VoF credit facility.
Primergy CFO Tim Larrison stated: “Valley of Fire is a critical component of our growing portfolio of operational and development-stage projects across the country.
“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, and in the proven Primergy way of responsible, stakeholder-oriented development.”
Gemini’s 1.8 million solar panels have the capacity to generate up to 690MW, powering 10% of peak power demand in Nevada.
In October 2024, Primergy closed commitments for $350m in tax equity financing for the 408 MWac Ash Creek solar project in Hill County, Texas.
Primergy Solar, a portfolio company of Quinbrook Infrastructure Partners, was established in 2020 with a focus on investing in responsibly sited solar and energy storage projects.
The company manages a portfolio of operational and development-stage projects across major energy markets CAISO, ERCOT, MISO, PJM, SERC and WECC.
