Primergy Solar secures up to $200 million investment

Primergy Solar, a developer, owner, and operator of utility-scale solar and storage projects, announced it closed a $75 million revolving credit facility with Rabobank, with option to increase up to $200 million.

The funds are planned to support a steadily expanding portfolio of large solar and storage projects. Primergy has a near-term portfolio of 3.2 GW of solar and 2.3 GW of storage with targeted commercial operations dates through 2026. The company said a further 5 GW of solar and 4.3 GW of storage are planned for a commercial operations date beyond 2026. Primergy’s projects now span 17 states.

The portfolio includes the previously announced 690 MW solar / 1416 MWh storage Gemini project in Nevada, valued at $1.1 billion. The project has a 25-year power purchase agreement with NV Energy and is developed on Bureau of Land Management controlled lands. It will make use of Maxeon solar panels and single-axis trackers.

Along with Primergy’s 250 MW solar, 200 MW storage Iron Point project and the 350 MW solar, 280 MW battery storage Hot Pot project, Gemini brings Primergy’s expected electricity output in Nevada equivalent to the demand of about 127,000 homes.

Primergy’s near-term projects also include Ash Creek Solar, a 408 MW project in Hill County, Texas. Construction is planned to begin in 2023 and commercial operations date is expected for 2024. The project is expected to provide about 250 full-time construction jobs and local tax revenues.

In Ashley County, Arkansas, Primergy plans one of the state’s largest projects, which will be a 300 MW Entergy-interconnected solar facility built in three phases. Each phase is expected to bring about 100 construction jobs and $10 million in revenues for the county. The first phase is expected to come online in 2024, with subsequent phases rolling out by the end of 2026.

Among the 20 largest solar projects tracked by PV Intel, Texas, California and Nevada represented 15 of the largest projects, while three additional southwest projects popped up, one Ohio project and an Alberta project.

“In all cases, ambitious clean energy goals from both utilities and corporates are driving higher renewable penetration,” said Sylvia Leyva Martinez, a senior analyst in Wood Mackenzie’s utility solar group. “In the case of storage, price volatility and multiple revenue stream monetization is going to help increase the share of hybrids in the system.”

Primergy, headquartered in Oakland, California, was launched in 2020 by Quinbrook Infrastructure Partners, an Australian infrastructure developer.

Also read: “Utility-scale solar developers went bigger and bolder in 2022”