Investment firm APG will acquire a 49% stake in the under-construction Gemini Solar + Storage project outside in Nevada. The asset comprises a 690 MW solar plant and 380 MW/1,416 MWh battery storage project. Touted at one of the largest facilities of its kind in the country, Gemini is expected to be operational in late-2023 and deliver renewable energy under a 25-year utility power purchase agreement with NV Energy. The project represents APG’s largest solar + storage investment to-date.
Quinbrook Infrastructure Partners and Primergy achieved financial close on the project in Apr’22, when they raised $1.9 billion of funds to support construction activities. The project financing comprises $1.3 billion in credit facilities, a construction/term loan and a tax equity bridge loan, in addition to $532 million in tax equity commitments.
The tax equity commitment marks the largest single-asset tax equity financing in the solar space in the US, and was provided by Truist Bank and Bank of America. The construction facilities were led by KeyBanc Capital Markets, MUFG Bank, Bank of America and Norddeutsche Landesbank Girozentrale. 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.
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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