Primergy has secured US$225 million in project financing to support its “Valley of Fire” project portfolio across Nevada, Arizona and Colorado.
The developer secured the funds from Dutch financier Rabobank via a US$100 million revolving credit facility and a US$125 million tax credit sale for the Gemini solar-plus-storage project which pairs 690MWac of solar PV with a 380MW/1,400MWh battery energy storage system (BESS).
The Valley of Fire portfolio comprises five projects in Nevada, Arizona and Colorado in addition to Gemini, totalling 2.65GW of solar PV and 1.5GW of energy storage capacity.
This is the latest investment that Primergy has secured for its US renewable energy assets. Last month, the company added a US$350 million tax equity raise to the US$588 million construction loans it already secured for its Ash Creek project in Texas.
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Tim Larrison, CFO of Primergy said: “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.”
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