US Based Primergy Solar Secures $200 Million Credit Facility from Rabobank
- Primergy has closed a $75 million revolving credit facility with an option to enhance it approximately $200 million with Rabobank.
- The credit facility is anticipated to support company's growing advancement pipe of solar as well as solar+ storage space projects across the U.S.A..
Oakland-California based solar power as well as storage space corporation Primergy Solar, has actually shut a $75 million revolving credit facility with Rabobank with the option to increase approximately $200 million.
Primergy held that the credit facility will be used to support a growing advancement pipeline of solar as well as solar+ storage space projects across the U.S.A.. The business's near-term portfolio goes beyond 3.2 GW of solar PV as well as 2.3 GW of storage projects targeting operational dates via 2026. The pipe additionally consists of Gemini and also Iron Point/Hot Pot projects in Nevada.
Primergy claimed that a more 5 GW of solar power and also 4.3 GW of storage projects are prepared for functional dates after 2026.
Tim Larrison, CFO, Primergy, claimed, "This facility will allow Primergy to remain to expand our project portfolio, as we concentrate on developing large-scale solar as well as storage projects that supply impactful decarbonization of power products in multiple US regions and create positive monetary impacts for neighborhood communities."
Primergy informed that the new financial debt facility better diversifies its funding resources as well as supports its projects' growth that span in 17 states.
Projects in Sight
The business has 690MWac PV plus 1,416 MWhr BESS Gemini project presently under construction in Nevada. The 408 MWac Ash Creek site in Hill County, Texas, is prepared to begin in 2023 and also will be functional by 2024.
Primergy likewise claimed that the 300 MWac Prairie Mist located in MISO South in Ashley County, Arkansas, will certainly be created in phases via 2026. This will additionally be operationalised in 2024.
Claus Hertel, Managing Director, Project Finance, Rabobank, suggested, "As leading utility-scale developer, this facility provides Primergy a flexible funding vehicle whereby it can efficiently grow its advancement pipeline targets."
He said that Rabobank has structured this financing to allow Primergy to satisfy its growth targets in varied locations and support the energy change, representing a solid alignment with the bank's approach of supporting clients' decarbonization goals.
