Primergy Secures $225 Million for Solar-Storage Expansion

• Primergy Solar secures $225 million to power its Valley of Fire project, boosting renewable energy with 2.65 GW of solar and 1.5 GW of battery storage across the West.

Primergy Solar LLC has secured $225 million in financing for its Valley of Fire portfolio, which includes 2.65 GW of solar capacity and up to 1.5 GW of battery storage. The funding, arranged with Dutch Rabobank, includes a $125 million tax credit sale for the Gemini hybrid solar park in Nevada and a $100 million revolving credit facility.

This financing will support the ongoing development of five solar and solar-plus-storage projects spread across Nevada, Colorado, and Arizona, with commissioning expected through 2030. The Gemini facility, which provides 690 MW of solar and 380 MW of battery storage, was operationalized in the summer.

What are the key details of Primergy Solar's Valley of Fire financing deal?

Here are the key details of Primergy Solar's Valley of Fire financing deal:

• Total Financing Amount: Primergy Solar secured a total of $225 million to support its Valley of Fire portfolio, which aims to expand solar energy capacity.
• Project Capacity: The financing will facilitate the development of 2.65 gigawatts (GW) of solar power generation, complemented by potential expansion of up to 1.5 GW of energy storage through batteries.
• Key Financial Partners: The financing arrangement was facilitated by Dutch Rabobank, emphasizing the growing involvement of international financial institutions in renewable energy projects in the U.S.
• Structure of the Financing: The funding arrangement includes a $125 million tax credit sale specifically linked to the Gemini hybrid solar park, as well as a $100 million revolving credit facility. This dual structure allows for flexibility in accessing capital.
• Gemini Hybrid Solar Park: The Gemini project, which is a significant part of the Valley of Fire portfolio, is designed to enhance energy resilience by integrating both solar (690 MW) and battery storage (380 MW), making it one of the most notable facilities in the region.
• Geographic Scope: The financing will support the development of a total of five projects across multiple states, including Nevada, Colorado, and Arizona. This geographic diversity is intended to capitalize on various regional resources and market opportunities.
• Development Timeline: Primergy Solar is aiming to have these projects commissioned progressively through 2030, aligning with broader industry goals for increasing renewable energy capacity and reducing carbon emissions.
• Market Impact: This financing deal underscores the growing investment in renewable energy technologies amid global efforts to combat climate change, reflecting a shift in the energy sector towards sustainable solutions.
• Importance of Storage: With a significant focus on battery storage, the deal highlights the importance of grid stability and reliability, enabling better management of solar energy supply and demand.
• Regulatory Support: The deal is likely to benefit from favorable regulatory environments in the states involved, as local governments and agencies increasingly support renewable energy initiatives through incentives and policy frameworks.
• Future Growth Potential: The success of the Valley of Fire financing deal may pave the way for further investment in similar renewable projects, potentially attracting more stakeholders interested in sustainable energy development.

These details provide a comprehensive overview of Primergy Solar's significant financing deal for its Valley of Fire project portfolio, highlighting its scale and strategic importance in the clean energy sector.