Gemini Solar and Storage project closes $1.9 billion in financing

Quinbrook Infrastructure Partners and Primergy Solar said the two have closed on a deal of $1.9 billion in debt and tax equity financing for the Gemini Solar + Storage project: a 690 MW solar and 380 MW/1,416 MWh battery storage project set to located in Clark County, Nevada, and among the largest projects to ever receive approval in the US.

According to the two companies, the Gemini debt financing consists of $1.3 billion in credit facilities and $532 million in tax equity commitments, with the tax equity commitments provided by Truist Bank and Bank of America.

“The successful culmination of this financing is a testament to the discipline and dedication of our teams who are establishing leading best practices in sustainable renewable energy development and responsible procurement,” said Ty Daul, CEO of Primergy. “With the suppliers and contractors engaged and the financing secured, we are ready to begin construction on this unprecedented project.”

The close of the financing comes just over a month after the completion of Gemini’s major equipment procurement and contractor selection. Primergy selected Kiewit Power Constructors Co. as Gemini’s engineering, procurement and construction (EPC) partner and IHI Terrasun Solutions as the integrator for the project’s 380MW/1,520MWh lithium-ion battery, also one of the largest known to pv magazine.

According to Primergy, the two companies were chosen due to their “decades of experience in construction and installation, product development, procurement and systems integration in the renewable energy and power sector.”

As for the solar hardware, the project will utilize over 1.8 million of Maxeon Solar Technologies’ high efficiency bifacial solar modules. Maxeon’s bifacial panels use shingled cell panel technology in bifacial mono-PERC solar cells made on large format 8-inch G12 wafers. The modules offer efficiency of over 21%, enhanced shade tolerance, and power ratings of up to 625W. These modules will be mounted on Array Technologies’ Array DuraTrack HZ v3 trackers, which are specifically designed to withstand harsh desert environments and high wind speeds with a patented wind-mitigation system.

Slated for completion in 2023, with operations beginning shortly thereafter, the Gemini project is expected to create approximately 1,000 local jobs, which will be sourced through union participation. The on-site construction workforce is expected to average 500 to 700 construction workers, with a peak of up to 900 workers, supporting up to an additional 1,100 jobs in the local community and injecting an estimated $712.5 million into the economy during construction, according to previous updates from Primergy and Quinbrook. Upon completion, Gemini will deliver renewable energy under a 25-year purchase agreement with NV Energy.