Primergy Solar, a U.S.-based utility-scale and distributed solar and storage company has closed a $75 million revolving credit facility from Rabobank to be used in developing a pipeline of solar and storage projects.
The funding, which can be extended to $200 million, is expected to support the company’s portfolio of projects spanning 17 states and exceeds 3.2 GW of solar photovoltaic and 2.3 GW of storage projects targeting operational dates through 2026.
“This facility will allow Primergy to continue to expand our project portfolio as we focus on developing large-scale solar and storage projects that deliver impactful decarbonization of power supplies in multiple U.S. regions and create positive financial impacts for local communities,” said Tim Larrison, Chief Financial Officer at Primergy.
The company has another 5 GW of solar and 4.3 GW of storage projects planned for operational dates after 2026.
Earlier this year, the company entered into a battery supply agreement with Contemporary Amperex Technology Limited (CATL) for the 690 MW solar plus 1,416 MWh BESS Gemini project, which is estimated to be worth a total of $1.2 billion.
Some highlights of the company’s near-term portfolio include:
- 408 MW Ash Creek site in Hill County, Texas: The Ash Creek solar project is centrally located between major urban load centers of Dallas and Austin. The project construction is planned to begin in 2023 and is expected to be operational by 2024. Ash Creek would provide approximately 250 full-time equivalent jobs during construction and additional benefits to local schools and residents.
- 300 MW Prairie Mist located in MISO South in Ashley County, Arkansas: The Prairie Mist Project is scheduled to be constructed in phases through 2026. The 100 MW first phase is expected to generate 100 construction jobs and an estimated $10 million in revenues for Ashley County and be operational in 2024. The project interconnects to Entergy’s transmission system and will provide a valuable renewable energy resource to support the region’s increasing demand for low-carbon power.
According to Mercom’s 9M and Q3 2022 Solar Funding and M&A Report, the large-scale project funding in the first nine months (9M) of 2022 came to $22.8 billion in 128 project funding deals, a 97% increase compared to $11.6 billion in 138 projects in 9M 2021.