Primergy Solar LLC has successfully closed $225 million in financing to support its Valley of Fire portfolio, which includes 2.65 GW of solar power and up to 1.5 GW of battery storage.
The financing arrangement was structured with Dutch Rabobank, covering a $125 million tax credit sale for the Gemini hybrid project in Nevada and a $100 million revolving credit facility.
The funds will fuel continued development of the Valley of Fire portfolio, consisting of six projects across Nevada, Colorado, and Arizona, slated for completion by 2030.
Among these is the Gemini project in Nevada's Mojave Desert, featuring 690 MW of solar capacity and 380 MW of battery storage, which became operational earlier this year.
Tim Larrison, CFO of Primergy, noted, “Adding tax credit sales to our financing toolbox, along with increasing access to additional credit capacity from leading financial institutions like Rabobank, will enable us to advance large-scale clean energy in a responsible, stakeholder-oriented manner.”
