Quinbrook secures US$1.9bn financing deal for major US solar-plus-storage project

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The Gemini project has had a 25 year PPA with Nevada public utility NV Energy in place since 2020. Image: Primergy.

Investment fund Quinbrook Infrastructure Partners and its subsidiary Primergy Solar have closed a US$1.9 billion financing deal for a 690MWac/380MW hybrid solar-plus-storage project in the US.

The Gemini Solar + Storage project, approved by the US Department of Interior in 2020 and located in Clark County, Nevada, will have a total capacity of 690MWac/966MWdc of solar PV and 380MW/1,416MWh of battery storage.

The financing deal consists of US$1.3 billion in credit facilities, including a construction/term loan, tax equity bridge loan and letter of credit facility. It also includes US$532 million in tax equity commitments being provided by Truist Bank and Bank of America, which Primergy said was the “largest single-asset tax equity solar financing ever completed in the US”.

The Gemini project was developed by Primergy, a wholly owned portfolio company of Quinbrook that was launched to oversee the project. Expected to be complete and operational in late 2023, Gemini will deliver renewable energy under a 25-year power purchase agreement (PPA) with Nevada public utility NV Energy.

Quinbrook, which recently acquired a 350MW solar-plus-storage project in the UK, said the Gemini project had to overcome several challenges but that, once complete, it would “showcase the many benefits of pairing large scale solar power with storage and will guide the way for many similar projects to come from the Primergy team.”

“With the suppliers and contractors engaged and the financing secured, we are ready to begin construction on this unprecedented project,” said Ty Daul, CEO of Primergy. “We look forward to scaling this model on our many upcoming projects.”

The construction facilities were led by four companies – KeyBanc Capital Markets, Inc., MUFG Bank Ltd., Bank of America, N.A. and Norddeutsche Landesbank Girozentrale, New York Branch.

The four have syndicated the credit facilities to 19 lenders, and Quinbrook and Primergy arranged the US$95 million mezzanine debt facility from Voya Investment Management.

Paragon Energy Capital served as the tax equity advisor and Orrick, Herrington & Sutcliffe was legal counsel to Primergy. Hunton Andrews Kurth provided tax equity legal counsel to Truist, Milbank LLP provided tax equity counsel to Bank of America, Allen & Overy provided legal counsel to Voya and Winston & Strawn LLP provided legal counsel to the lenders.

14 June 2022
Join us in Napa to unlock the key to reliable PV module supply to the U.S. market in 2022 & 2023. We'll also be gathering the main players in the US solar market for some wine tasting!
4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

May 17, 2022
German utility giant RWE has issued a green bond with a volume of €2 billion (US$2.1 billion), the proceeds of which will be used to pursue development of solar and wind projects.
May 16, 2022
The world added record amounts of renewable energy last year with 295GW of capacity deployed, up 6% year-on-year, despite supply chain constraints, project delays and high commodity prices, according to the International Energy Agency (IEA), which also expects nearly 320GW to be deployed this year.  
May 13, 2022
Retail giant IKEA has partnered with US residential solar installer SunPower to offer home PV solutions in the US.
May 13, 2022
Welcome back to PV Tech's live coverage of the third and final day of Intersolar Europe 2022. This story will be updated throughout the day, so be sure to refresh for the latest news, product launches and insight from the exhibition
May 12, 2022
Energy investment platform CleanCapital has secured a US$200 million credit facility to support its pipeline of distributed solar and energy storage projects.
May 12, 2022
Welcome back to Intersolar Europe 2022 for the exhibition's second day, and PV Tech’s rolling coverage of the event also returns. This story will be updated throughout the day, so be sure to refresh for the latest news, product launches and insight from the exhibition. Our coverage of day one can be found here.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA