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 690MW/380MW Gemini solar-plus-storage project.
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Primergy said 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.
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.”
Tax credit sales and transferability have become major drivers in the US clean energy markets. Reportedly, the “entire” Fortune 500 list of corporations are looking into clean energy tax credits in the US, and PV Tech Premium has previously heard that credit sales “blow the doors open” for clean energy financing in the US.
Known as transferability, the ability to sell tax credits for cash was introduced by the US Department of Treasury in June 2023 to widen the net of potential recipients of the Inflation Reduction Act (IRA) tax breaks for renewable energy. Sustainable finance company Crux found that the transferability market reached US$11 billion in the first half of 2024, dominated by solar PV and energy storage transactions.
