Primergy Solar, a developer, owner, and operator focused on distributed and utility-scale solar PV and battery storage projects, secured $300 million in debt and tax equity financing for the 100 MW Prairie Mist solar project in Arkansas.
The Prairie Mist project debt financing includes a tax equity bridge loan, construction/term debt, and a letter of credit facility. The debt facilities are led by a syndicate comprising of Norddeutsche Landesbank Girozentrale, Société Générale, Crédit Agricole Corporate and Investment Bank, and SMBC. The Prairie Mist financing also includes a tax equity investment led by an affiliate of The PNC Financial Services Group.
The solar project is currently under construction and will connect to Entergy’s transmission system in the Midcontinent Independent System Operator’s (MISO) operating footprint.
The project is slated for completion in 2024, and once operational, it will provide enough clean energy to power approximately 22,000 homes annually.
The Primergy team is focused on developing, building, and operating best-in-class carbon-free energy supply projects across the country,” said Ty Daul, CEO of Primergy. “We are grateful for our continued partnership with the leading clean energy project financiers that are focused on helping us decarbonize the U.S. power grid.
“We are pleased to have supported Primergy on the Prairie Mist financing as Coordinating Lead Arranger,” said Alejandro Lopez-Jensen, Senior Director, Project Finance at Nord/LB. “This project represents our commitment to financing renewable energy projects throughout the US. Nord/LB values our relationship with Primergy and our shared goals toward advancing the energy transition.
According to Mercom’s 9M and Q3 2023, Solar Funding and M&A Report announced large-scale project funding in the first nine months of 2023 came to $27.5 billion in 169 project funding deals, a 20% increase compared to $22.9 billion in 128 projects in 9M 2022.