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🌞 Quinbrook Infrastructure-backed Primergy Solar has secured $588mn in debt financing for the 408 MWac Ash Creek solar + 300 MW Bess project in Hill County, Texas. The company also inked a long-term PPA with Microsoft for the plant's full capacity.
🏦 Strong lender support: Led by MUFG and SMBC, the financing involved seven coordinating lead arrangers, including BNP Paribas, Commerzbank, Credit Agricole, ING Capital, KeyBanc, Norddeutsche Landesbank Girozentrale, and Rabobank.
🌐 Innovative Financing: The package includes a construction loan, tax credit transfer bridge loan, and related letters of credit. This multi-layered structure mirrors those used in several $500mn+ US renewable deals last year, allowing developers to secure necessary funds while mitigating market volatility risks associated with high-interest rates.
💼 Accelerated growth using debt capital: With this deal, Primergy has raised over $2.9bn in the past two years, focusing on solar capacity expansion across Texas, Arkansas, and Nevada. Notable projects financed include the 690 MW Gemini solar plus storage project and the 100 MW Prairie Mist solar farm.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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