Quinbrook Infrastructure Partners and Primergy Solar have closed almost $2bn in debt and tax equity financing for the 966MW Gemini solar plus 380MW storage project in the US state of Nevada.
The debt financing consists of $1.3bn (€1.2bn) in credit facilities, including a construction/term loan, tax equity bridge loan and letter of credit facility.
There is also an additional $532m in tax equity commitments, provided by Truist Bank and Bank of America.
The construction facilities were led by four coordinating lead arrangers, KeyBanc Capital Markets, MUFG Bank, Bank of America and Norddeutsche Landesbank Girozentrale, New York Branch.
The coordinating lead arrangers successfully syndicated the credit facilities to 19 lenders, and Quinbrook and Primergy arranged the $95m mezzanine debt facility from Voya Investment Management.
Quinbrook managing partner David Scaysbrook said: “The Quinbrook and Primergy teams have been working diligently toward this day for many years.
“Gemini is an impressive project from any perspective and sets new benchmarks for both sustainable renewables development and meaningful ESG impact across job creation, environmental stewardship, emissions, and local community engagement.
“Our teams have overcome many challenges along the way and their hard work has enabled us to attract strong support from our customer NV Energy and a high caliber banking syndicate.
“Once operational, Gemini will 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.”
The close of the financing follows the recent completion of Gemini’s major equipment procurement and contractor selection after an extensive technical and supply chain evaluation process.
Primergy chief executive Ty Daul said: “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.
“With the suppliers and contractors engaged and the financing secured, we are ready to begin construction on this unprecedented project.
“Our development philosophy, which we call the Gemini Model, takes a holistic and responsible approach that focuses on collaboration, community stakeholders and ecosystem management.
“We look forward to scaling this model on our many upcoming projects.”
Gemini was developed by Primergy, a wholly owned portfolio company of Quinbrook.
Once complete and operational in late 2023, it will deliver renewable energy under a 25-year purchase agreement with NV Energy.