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<a href="https://www.primergypower.com/" target="_blank" rel="noopener">Primergy</a>, a renewable energy project developer and portfolio company of Quinbrook, secured a refinancing through a $600 million private placement of senior secured notes, together with a $160 million letter of credit facility for its Gemini Solar + Storage project.
The hybrid project comprises 690 MWac solar and 380 MWac of battery storage capacity. Since 2024, the project has been supplying energy from its site in Clark County, Nevada, U.S.
The senior secured notes are backed by stable cash flows from an existing 25-year power purchase agreement and a 10-year production tax credit transfer agreement.
&#8220;This milestone refinancing is a definitive vote of confidence in Gemini, in Primergy&#8217;s operational capabilities, and in the future of reliable, dispatchable solar energy supporting the American power grid,&#8221; said Tim Larrison, Primergy Chief Financial Officer. &#8220;Gemini has successfully demonstrated the long-term reliability expected by investors, utilities, and consumers. We value our continued collaboration with investors and appreciate their trust in the Primergy team to deliver world-class projects. We are excited to sustain this momentum as we continue to develop our portfolio of large-scale projects to meet America&#8217;s growing power demand.&#8221;
BofA Securities, KeyBanc Capital Markets, and MUFG Securities Americas served as lead placement agents on the notes, and their affiliates acted as Issuing Banks on the letter of credit facility. BNP Paribas Securities and SMBC Nikko Securities America acted as co-agents on the notes.
Orrick, Herrington &amp; Sutcliffe advised Primergy on the deal, while Latham &amp; Watkins acted as the advisor for note purchasers and the letter of credit facility banks.
In November 2024, the company had <a href="https://cms.mercomindia.com/primergy-secures-225-million-in-corporate-and-project-financing/" target="_blank" rel="noopener">closed</a> $225 million in project financing for developing its Valley of Fire (VoF) portfolio. The funding comprises 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.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-and-q4-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>.

Primergy Secures $600 Million for Gemini Solar Plus Storage Project

<a href="https://www.primergysolar.com/" target="_blank" rel="noopener">Primergy Solar</a>, a developer of distributed and utility-scale solar and battery storage projects, announced closing $225 million in project financing for developing its Valley of Fire (VoF) portfolio. The funding comprises 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 2024-commissioned Gemini Solar + Storage project and five additional projects in Nevada, Colorado, and Arizona, totaling over 2.65 GW of solar and up to 1.5 GW of battery storage capacity.
Orrick and Paragon Energy Capital advised Primergy on the Gemini tax credit transfer sale, while Stoel Rives advised Primergy on the VoF credit facility.
The other projects range from early-to-late-stage development targeting commercial operations through 2030, including the contracted Purple Sage Energy Center, a 400 MWac solar with a 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,” said 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.”
According to Mercom’s recently released 9M and Q3 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding in the 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Last month, Primergy Solar <a href="https://cms.mercomindia.com/primergy-secures-350-million-for-408-mw-solar-project/" target="_blank" rel="noopener">secured</a> $350 million in tax equity financing for the 408 MWac Ash Creek solar project in Hill County, Texas. Latham &amp; Watkins and Paragon Energy Capital advised Primergy, while Milbank and Cornerstone Financial Advisors advised the telecommunications company and Truist Bank on the transaction. Microsoft has signed a long-term power purchase agreement with Primergy.

Primergy Secures $225 Million in Financing for Valley of Fire Portfolio

Summit Ridge Energy, a solar project developer, <a href="https://cms.mercomindia.com/summit-ridge-acquires-community-solar-projects-virginia/" target="_blank" rel="noopener">announced</a> the acquisition of 19 community solar projects totaling 100 MW across the Commonwealth of Virginia. The acquired portfolio comprises projects spanning from Virginia’s southernmost border up to the Richmond and the D.C. metropolitan areas. The projects, expected to be operational by the end of 2024, will generate enough power to lower the energy bills for 12,600 homes across 16 counties.
Primergy Solar, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/primergy-secures-financing-for-100-mw-solar-project/" target="_blank" rel="noopener">secured</a> $300 million in debt and tax equity financing for the 100 MW Prairie Mist solar project in Arkansas. The Prairie Mist project debt financing includes a tax equity bridge loan, construction/term debt, and a letter of credit facility.
SB Energy Global, a U.S.-based integrated renewable energy platform, has <a href="https://www.mercomindia.com/sb-energy-2-4-billion-domestic-renewable" target="_blank" rel="noopener">secured</a> $2.4 billion to support the development of renewable energy projects focusing on the domestic content utilization provision under the Inflation Reduction Act. The company will utilize part of the funds to develop a 1.3 GW portfolio of four utility-scale solar power projects.
A $1.3 billion financing package for the Faraday Solar project, a 682.5 MW ground-mounted solar facility in Utah County, Utah, in the U.S., was <a href="https://www.mercomindia.com/excelsior-energy-1-3-billion-solar-project-us" target="_blank" rel="noopener">closed</a> by Excelsior Energy Capital, a renewable energy infrastructure fund focused on middle-market investments in North America. The construction of the Faraday Solar project is in progress and is expected to start operating in Q3 2025.
Sunlight Energy Investments, a subsidiary of Genie Energy, a retail and renewable energy solutions firm, <a href="https://cms.mercomindia.com/sunlight-energy-acquires-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> that it had acquired a portfolio of 12 operating solar arrays totaling 9.4 MWdc from the project developer. The arrays supply power to on-site school facilities in Ohio and Michigan, and their production is covered under direct, long-term, fixed-price solar power purchase agreements.
Adani Green Energy <a href="https://www.mercomindia.com/adani-green-secures-follow-on-funding-1-3-billion" target="_blank" rel="noopener">announced</a> a follow-on funding of a $1.36 billion senior debt facility as part of its construction financing framework, enhancing the pool to $3 billion since the initial project financing. The financing will be a key enabler in developing a 2,167 MW renewable energy park in Khavda, Gujarat. The park is expected to accelerate the company’s vision of 45 GW operating capacity by 2030.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-leeward-secures-solar-and-wind-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Summit Ridge Acquires 100 MW Community Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-summit-ridge-acquires-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Summit Ridge Energy, a solar project developer, <a href="https://mercomcapital.com/summit-ridge-acquires-community-solar-projects-virginia/" target="_blank" rel="noopener">announced</a> the acquisition of 19 community solar projects totaling 100 MW across the Commonwealth of Virginia. The acquired portfolio comprises projects spanning from Virginia’s southernmost border up to the Richmond and the D.C. metropolitan areas. The projects, expected to be operational by the end of 2024, will generate enough power to lower the energy bills for 12,600 homes across 16 counties.
Primergy Solar, a solar and energy storage project developer, <a href="https://mercomcapital.com/primergy-secures-financing-for-100-mw-solar-project/" target="_blank" rel="noopener">secured</a> $300 million in debt and tax equity financing for the 100 MW Prairie Mist solar project in Arkansas. The Prairie Mist project debt financing includes a tax equity bridge loan, construction/term debt, and a letter of credit facility.
SB Energy Global, a U.S.-based integrated renewable energy platform, has <a href="https://www.mercomindia.com/sb-energy-2-4-billion-domestic-renewable" target="_blank" rel="noopener">secured</a> $2.4 billion to support the development of renewable energy projects focusing on the domestic content utilization provision under the Inflation Reduction Act. The company will utilize part of the funds to develop a 1.3 GW portfolio of four utility-scale solar power projects.
A $1.3 billion financing package for the Faraday Solar project, a 682.5 MW ground-mounted solar facility in Utah County, Utah, in the U.S., was <a href="https://www.mercomindia.com/excelsior-energy-1-3-billion-solar-project-us" target="_blank" rel="noopener">closed</a> by Excelsior Energy Capital, a renewable energy infrastructure fund focused on middle-market investments in North America. The construction of the Faraday Solar project is in progress and is expected to start operating in Q3 2025.
Sunlight Energy Investments, a subsidiary of Genie Energy, a retail and renewable energy solutions firm, <a href="https://mercomcapital.com/sunlight-energy-acquires-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> that it had acquired a portfolio of 12 operating solar arrays totaling 9.4 MWdc from the project developer. The arrays supply power to on-site school facilities in Ohio and Michigan, and their production is covered under direct, long-term, fixed-price solar power purchase agreements.
Adani Green Energy <a href="https://www.mercomindia.com/adani-green-secures-follow-on-funding-1-3-billion" target="_blank" rel="noopener">announced</a> a follow-on funding of a $1.36 billion senior debt facility as part of its construction financing framework, enhancing the pool to $3 billion since the initial project financing. The financing will be a key enabler in developing a 2,167 MW renewable energy park in Khavda, Gujarat. The park is expected to accelerate the company’s vision of 45 GW operating capacity by 2030.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-leeward-secures-solar-and-wind-projects/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.primergysolar.com/" target="_blank" rel="noopener">Primergy Solar</a>, a developer, owner, and operator focused on distributed and utility-scale solar PV and battery storage projects, secured $300 million in debt and tax equity financing for the 100 MW Prairie Mist solar project in Arkansas.
The Prairie Mist project debt financing includes a tax equity bridge loan, construction/term debt, and a letter of credit facility. The debt facilities are led by a syndicate comprising of Norddeutsche Landesbank Girozentrale, Société Générale, Crédit Agricole Corporate and Investment Bank, and SMBC. The Prairie Mist financing also includes a tax equity investment led by an affiliate of The PNC Financial Services Group.
The solar project is currently under construction and will connect to Entergy’s transmission system in the Midcontinent Independent System Operator’s (MISO) operating footprint.
The project is slated for completion in 2024, and once operational, it will provide enough clean energy to power approximately 22,000 homes annually.
The Primergy team is focused on developing, building, and operating best-in-class carbon-free energy supply projects across the country,” said Ty Daul, CEO of Primergy. “We are grateful for our continued partnership with the leading clean energy project financiers that are focused on helping us decarbonize the U.S. power grid.
“We are pleased to have supported Primergy on the Prairie Mist financing as Coordinating Lead Arranger,” said Alejandro Lopez-Jensen, Senior Director, Project Finance at Nord/LB. “This project represents our commitment to financing renewable energy projects throughout the US. Nord/LB values our relationship with Primergy and our shared goals toward advancing the energy transition.
According to Mercom’s 9M and Q3 2023, Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a> announced large-scale project funding in the first nine months of 2023 came to $27.5 billion in 169 project funding deals, a 20% increase compared to $22.9 billion in 128 projects in 9M 2022.

Primergy Secures $300 Million Financing for 100 MW Solar Project

<a href="https://primergysolar.com/" target="_blank" rel="noopener">Primergy Solar</a>, a U.S.-based utility-scale and distributed solar and storage company has closed a $75 million revolving credit facility from Rabobank to be used in developing a pipeline of solar and storage projects.
The funding, which can be extended to $200 million, is expected to support the company’s portfolio of projects spanning 17 states and exceeds 3.2 GW of solar photovoltaic and 2.3 GW of storage projects targeting operational dates through 2026.
“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 company has another 5 GW of solar and 4.3 GW of storage projects planned for operational dates after 2026.
Earlier this year, the company <a href="https://mercomindia.com/primergy-solar-catl-for-1-2-billion-solar-project-in-us/" target="_blank" rel="noopener">entered</a> into a battery supply agreement with Contemporary Amperex Technology Limited (CATL) for the 690 MW solar plus 1,416 MWh BESS Gemini project, which is estimated to be worth a total of $1.2 billion.
Some highlights of the company’s near-term portfolio include:
<ul>
<li>408 MW Ash Creek site in Hill County, Texas: The Ash Creek solar project is centrally located between major urban load centers of Dallas and Austin. The project construction is planned to begin in 2023 and is expected to be operational by 2024. Ash Creek would provide approximately 250 full-time equivalent jobs during construction and additional benefits to local schools and residents.</li>
<li>300 MW 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 MW 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.</li>
</ul>
According to Mercom’s 9M and Q3 2022 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2022-solar-funding-ma-report/">Report</a>, the large-scale project funding in the first nine months (9M) of 2022 came to $22.8 billion in 128 project funding deals, a 97% increase compared to $11.6 billion in 138 projects in 9M 2021.

Primergy Secures $75 Million From Rabobank for Solar and Storage Projects

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					</table><a href="https://primergysolar.com/" target="_blank" rel="noopener">Primergy Solar</a>, a U.S.-based utility-scale and distributed solar and storage company has entered a sole battery supply agreement with Contemporary Amperex Technology Limited (<a href="https://www.catl.com/en/" target="_blank" rel="noopener">CATL</a>) to develop a 690 MW solar and 1,416 MWh storage project called Gemini in Nevada in the United States.
Gemini will be one of the largest operational solar and storage projects in the U.S, worth a total of $1.2 billion.
Primergy, which has portfolios of over 8 GW of solar and battery energy storage projects in development, construction, and operations over 17 different states in the U.S., has completed a comprehensive procurement process and selected several globally leading equipment suppliers and construction partners for the Gemini project.
The company said it has designed an innovative direct coupling system for the project, aiming to maximize efficiency by teaming up with CATL’s storage system.
CATL will supply Primergy with EnerOne, a modular outdoor liquid cooling energy storage system with long service life, high integration, and a high degree of safety. EnerOne solutions utilize advanced lithium phosphate chemistry and hence have been selected for Gemini by Primergy for it meets the company’s requirements for safe and reliable operations at its sites.
With a cycle life of up to 10,000 cycles, the LFP (lithium ferro-phosphate) based battery product is expected to contribute to the safe and reliable operation of the Gemini project.
&#8220;CATL is a technology leader in the battery industry, and we are pleased to partner with them on the Gemini Project and showcase CATL&#8217;s advanced EnerOne storage solution,&#8221; said Ty Daul, Chief Executive Officer of Primergy Solar.
&#8220;The future of our country&#8217;s energy reliability and resiliency relies on the mass deployment of battery storage capacity that can supply consistent power back into the grid when it&#8217;s needed most,&#8221; he added.
According to a <a href="https://mercomindia.com/global-lithium-ion-battery-capacity-to-increase-five-fold/" target="_blank" rel="noopener">report</a> published by Wood Mackenzie, CATL led the expansion outlook, amongst the Chinese battery manufacturers, with an operating and planned capacity of 800 GWh by 2030.
APG, a Netherlands-based pension asset manager, <a href="https://mercomindia.com/project-finance-brief-apg-acquires-49-stake-in-gemini-solar-storage-project/">agreed</a> to acquire 49% equity ownership in the Gemini project from Quinbrook Infrastructure Partners, an investment manager focused exclusively on the new infrastructure needed for the energy transition, and its portfolio company Primergy.

Primergy Solar Partners with CATL for $1.2 Billion Solar+ Storage Project in the US

<a href="https://www.quinbrook.com/" target="_blank" rel="noopener">Quinbrook Infrastructure Partners</a>, an investment manager focused on renewables, storage, and grid support infrastructure investments, and <a href="https://primergysolar.com/" target="_blank" rel="noopener">Primergy</a>, a developer, owner, and operator focused on both distributed and utility-scale solar PV and battery storage projects, have closed on $1.9 billion in debt and tax equity financing for the Gemini solar plus storage project.
Gemini is a 690 MWac/966 MWdc solar PV and 380 MW/1,416 MWh battery storage project in Clark County, Nevada. It is currently the most significant single project to begin construction in the U.S.
The Gemini debt financing consists of $1.3 billion in credit facilities, including a construction/term loan, tax equity bridge loan, and letter of credit facility. The Gemini financing includes $532 million in tax equity commitments, which is believed to be the largest single-asset tax equity solar financings ever completed in the U.S., provided by Truist Bank and Bank of America.
The construction facilities were led by four coordinating lead arrangers, KeyBanc Capital Markets, Inc., MUFG Bank Ltd., Bank of America, N.A., and Norddeutsche Landesbank Girozentrale, New York Branch. The coordinating lead arrangers successfully syndicated the credit facilities to 19 lenders, and Quinbrook and Primergy arranged the $95 million mezzanine debt facility from Voya Investment Management.
Paragon Energy Capital served as the tax equity advisor, and Orrick; Herrington &amp; Sutcliffe was Legal counsel to Primergy. Hunton Andrews Kurth provided tax equity legal counsel to Truist, Milbank LLP provided tax equity counsel to Bank of America, Allen &amp; Overy provided legal Counsel to Voya and Winston &amp; Strawn LLP provided legal counsel to the lenders.
The close of the financing follows the recent completion of Gemini’s major equipment procurement and contractor selection after an extensive technical and supply chain evaluation process. Primergy developed the Gemini project. Once complete and operational in late 2023, Gemini will deliver renewable energy under a 25- year purchase agreement with NV Energy.
According to Mercom’s Q1 2022 solar funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2022-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, announced large-scale project funding in Q1 2022 came to $9.1 billion in 36 deals.

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