Primergy Solar has closed on $225 million in project financing for its Valley of Fire (VoF) portfolio.
The financing includes a $125 million tax credit sale for the Gemini Solar + Storage project and a $100 million revolving credit facility from Rabobank for the continued development of the other VoF projects.
The VoF portfolio includes the Gemini Solar + Storage project, commissioned earlier this year, and five additional projects in Nevada, Colorado and Arizona totaling 2.65 GW of solar and 1.5 GW of battery storage capacity. The projects range from early-to-late-stage development targeting operational dates through 2030, including the contracted Purple Sage Energy Center, a 400 MW solar and 1.6 GWh battery storage project in Nevada.
“Valley of Fire is a critical component of our growing portfolio of operational and development-stage projects across the country,” says Tim Larrison, CFO of Primergy.
“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.”
Primergy was advised by Orrick and Paragon Energy Capital for the Gemini tax credit transfer sale. For the VoF credit facility, Primergy was advised by Stoel Rives.
