US solar developer Primergy Solar has closed commitments for US$300 million in debt and tax equity investments for a 100MW solar project in Arkansas, US.
The debt facilities of the Prairie Mist project in Ashley County wereled by several financial services companies comprising of Norddeutsche Landesbank Girozentrale, Société Générale, Crédit Agricole Corporate and Investment Bank and SMBC, while tax equity financing was led by an affiliate of the PNC Financial Services Group.
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Currently under construction, the project is expected to be completed in 2024 and will be connected to US power distribution company Entergy’s transmission system in the Midcontinent Independent System Operator’s (MISO) operating footprint.
“The Primergy team is focused on developing, building and operating best-in-class carbon-free energy supply projects across the country,” said Ty Daul, CEO of Primergy. “We are grateful for our continued partnership with the leading clean energy project financiers that are focused on helping us decarbonise the US power grid.”
Even though Arkansas has considerably less installed solar capacity than other states, with 695MW installed as of Q2 2023, the state is expected to add more than 3.5GW of solar capacity over the next five years, according to data from trade association the Solar Energy Industries Association (SEIA).