Primergy raises US$588 million in funding for 408MWac Ash Creek solar-plus-storage project in Texas

Facebook
Twitter
LinkedIn
Reddit
Email
A solar-plus-storage project.
Primergy has 1.4GW of solar capacity across its portfolio of operating and pipeline projects. Image: Primergy

US solar developer Primergy has secured US$588 million in financing for its 408MWac Ash Creek solar-plus-storage project in the US state of Texas.

The funding takes the form of a construction loan, tax credit transfer bridge loan and letters of credit, and has been provided by a number of organisations, including Japanese bank MUFG and international bank SMBC. The banks are joined by several “coordinating lead arrangers”, including BNP Paribas, Commerzbank AG, Crédit Agricole Corporate and Investment Bank, ING Capital, KeyBanc Capital Markets, Norddeutsche Landesbank Girozentrale, New York Branch and Rabobank.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

In addition, Primergy has signed a power purchase agreement (PPA) to sell all of the power generated at the project to US technology giant Microsoft, but did not specify the financial details of this arrangement.

“Ash Creek aligns with Primergy’s mission to invest in well-located projects that offer regional diversity to our portfolio and serve the needs of leading corporate customers,” said Primergy CEO Ty Daul. “Our team is extremely grateful for our continued partnership with prominent clean energy project financiers to make this a reality and are proud to work with Microsoft on meeting its sustainability commitments.”

Primergy has enlisted US firm SOLV Energy to provide engineering, procurement and construction (EPC) services for the project. Construction is already underway, and the developer expects to finish construction within 12-18 months, which includes a 300MW battery energy storage system (BESS) at the project.

The news follows Primergy’s close of a US$300 million debt and tax equity investment for a solar project in Arkansas, as the developer looks to grow its portfolio of US solar projects. The US Energy Information Administration expects the US to add 36.4GW of new solar capacity in 2024, and the continued commissioning of projects, such as those in Primergy’s portfolio, will be essential if the US is to meet this forecast.

The deal is also Microsoft’s latest involvement in a solar project, with the technology giant having signed a number of PPAs in recent months to meet its electricity demand with renewable power. These include a deal with Recurrent Energy for a solar project in Louisiana, signed in February, and an agreement with Apex Clean Energy for a solar farm in Ohio.

Read Next

July 8, 2025
Germany could install 500GW of new solar agrivoltaics (agriPV) capacity on its most 'suitable' land, according to Fraunhofer ISE.
Premium
July 7, 2025
Collecting project performance data and managing cybersecurity concerns is no simple task for many project managers.
July 7, 2025
GameChange Solar has announced plans to supply trackers for the 1GW second phase of the Abydos project in Egypt.
July 3, 2025
Renewable energy curtailment in Brazil is set to reach 8% across the country, and be as high as 11% in the north-east, by 2035.
July 3, 2025
Malaysian engineering and infrastructure giant Gamuda has expanded its presence in the Australian renewables sector by partnering with Tasmanian landowners to build a 1.2GW portfolio, which includes solar PV.
July 1, 2025
Spanish independent power producer (IPP) Zelestra has secured financing and reached financial close for its 220MW solar-plus-storage plant in Chile.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK