Summit Ridge Secures $15 Million for 31 MWh Energy Storage Projects

Quinbrook Infrastructure Partners, an investment manager focused on renewables, storage, and grid support infrastructure investments, and Primergy, a developer, owner, and operator focused on both distributed and utility-scale solar PV and battery storage projects, have closed on $1.9 billion in debt and tax equity financing for the Gemini solar plus storage project.

Gemini is a 690 MWac/966 MWdc solar PV and 380 MW/1,416 MWh battery storage project in Clark County, Nevada. It is currently the most significant single project to begin construction in the U.S.

The Gemini debt financing consists of $1.3 billion in credit facilities, including a construction/term loan, tax equity bridge loan, and letter of credit facility. The Gemini financing includes $532 million in tax equity commitments, which is believed to be the largest single-asset tax equity solar financings ever completed in the U.S., provided by Truist Bank and Bank of America.

The construction facilities were led by four coordinating lead arrangers, KeyBanc Capital Markets, Inc., MUFG Bank Ltd., Bank of America, N.A., and Norddeutsche Landesbank Girozentrale, New York Branch. The coordinating lead arrangers successfully syndicated the credit facilities to 19 lenders, and Quinbrook and Primergy arranged the $95 million mezzanine debt facility from Voya Investment Management.

Paragon Energy Capital served as the tax equity advisor, and Orrick; Herrington & Sutcliffe was Legal counsel to Primergy. Hunton Andrews Kurth provided tax equity legal counsel to Truist, Milbank LLP provided tax equity counsel to Bank of America, Allen & Overy provided legal Counsel to Voya and Winston & Strawn LLP provided legal counsel to the lenders.

The close of the financing follows the recent completion of Gemini’s major equipment procurement and contractor selection after an extensive technical and supply chain evaluation process. Primergy developed the Gemini project. Once complete and operational in late 2023, Gemini will deliver renewable energy under a 25- year purchase agreement with NV Energy.

According to Mercom’s Q1 2022 solar funding and M&A report, announced large-scale project funding in Q1 2022 came to $9.1 billion in 36 deals.