Primergy, a renewable energy project developer and portfolio company of Quinbrook, secured a refinancing through a $600 million private placement of senior secured notes, together with a $160 million letter of credit facility for its Gemini Solar + Storage project.
The hybrid project comprises 690 MWac solar and 380 MWac of battery storage capacity. Since 2024, the project has been supplying energy from its site in Clark County, Nevada, U.S.
The senior secured notes are backed by stable cash flows from an existing 25-year power purchase agreement and a 10-year production tax credit transfer agreement.
“This milestone refinancing is a definitive vote of confidence in Gemini, in Primergy’s operational capabilities, and in the future of reliable, dispatchable solar energy supporting the American power grid,” said Tim Larrison, Primergy Chief Financial Officer. “Gemini has successfully demonstrated the long-term reliability expected by investors, utilities, and consumers. We value our continued collaboration with investors and appreciate their trust in the Primergy team to deliver world-class projects. We are excited to sustain this momentum as we continue to develop our portfolio of large-scale projects to meet America’s growing power demand.”
BofA Securities, KeyBanc Capital Markets, and MUFG Securities Americas served as lead placement agents on the notes, and their affiliates acted as Issuing Banks on the letter of credit facility. BNP Paribas Securities and SMBC Nikko Securities America acted as co-agents on the notes.
Orrick, Herrington & Sutcliffe advised Primergy on the deal, while Latham & Watkins acted as the advisor for note purchasers and the letter of credit facility banks.
In November 2024, the company had closed $225 million in project financing for developing its Valley of Fire (VoF) portfolio. The funding comprises a $125 million tax credit sale for the Gemini Solar + Storage project and a $100 million revolving credit facility from Rabobank for the continued development of the other VoF projects.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
