Primergy Solar LLC announced on Thursday that it has successfully closed commitments for $350 million (EUR 322 million) in tax equity financing for its 408-MW Ash Creek solar project located in Texas. This latest funding brings the total capital raised for the project to nearly $1 billion.
The Ash Creek solar facility, currently under construction in Hill County, has previously secured $588 million in project financing and a long-term power purchase agreement (PPA) with Microsoft.
The project is expected to begin operations in early 2025 and was originally developed by Orion Power Generation LLC before being acquired by Primergy in 2021.
Tim Larrison, CFO of Primergy, remarked that the successful tax equity financing in the current ERCOT market underscores the team's capability to develop top-tier projects. The tax equity investment was primarily led by an unnamed Fortune 500 telecommunications company, with additional contributions from Truist Bank.
Since 2020, Primergy and Quinbrook Infrastructure Partners have collectively closed $3.8 billion in debt and tax equity financing commitments for solar and battery storage projects across the United States.
