The Ash Creek Solar project in Hill County, Texas, is expected to generate enough carbon-free energy to power the equivalent of approximately 90,000 homes per year. (Source: Shutterstock)
Primergy Solar LLC closed commitments for $588 million in debt financing for the 408 megawatt alternating current Ash Creek Solar project in Hill County, Texas, the company said in a March 11 press release.
The company also signed a long-term power purchase agreement with Microsoft for the full capacity of the plant.
The Ash Creek Solar site is sited near several existing fossil fuel plants and areas of high energy demand. Once completed, the project is expected to generate enough carbon-free energy to power the equivalent of approximately 90,000 homes per year.
The Ash Creek Solar project debt financing includes a construction loan, tax credit transfer bridge loan and related letters of credit.
The facilities are led by MUFG Bank Ltd. and SMBC as lead structuring arrangers and seven coordinating lead arrangers (CLAs), including BNP Paribas, Commerzbank AG, Crédit Agricole Corporate and Investment Bank, ING Capital, KeyBanc Capital Markets, Norddeutsche Landesbank Girozentrale, New York Branch and Rabobank.
Latham & Watkins LLP acted as Primergy’s legal counsel. Skadden Arps Slate Meagher & Flom served as lender’s counsel.
“The successful completion of this financing and a long-term PPA from Microsoft for Ash Creek is a testament to Primergy’s proven ability to creatively develop, finance, build, and operate large-scale renewables projects,” said Primergy CEO Ty Daul in the press release. “Ash Creek aligns with Primergy’s mission to invest in well-located projects that offer regional diversity to our portfolio and serve the needs of leading corporate customers.”
Recommended Reading
Ørsted Farms Down Stake in US Solar Projects in $572MM Deal
2024-12-19 - The deal was reached with Energy Capital Partners for stakes in Mockingbird Solar and Sparta Solar in Texas as well as Eleven Mile Solar in Arizona.
Enervest, Energy Vault Partner on 1-GWh Australian BESS Project
2024-10-21 - Enervest Group and Energy Vault Holding’s Stoney Creek BESS project aims to bolster stability of the New South Wales power grid.
Powerhouse: Enbridge Boosting Renewables, NatGas to Meet Surging Demand
2024-12-18 - As the need for clean and lower-carbon power grows, Enbridge is among the companies taking an all-of-the-above approach.
SolarBank to Develop 3-MW Solar Plant in Canada
2024-11-06 - Called the West Petpeswick project, the DC ground mount community solar project adds to SolarBank’s plans to develop an additional 31 MW of solar projects in Nova Scotia, Canada.
Equinor Secures $3B in Financing for New York’s Empire Wind 1
2025-01-02 - Equinor’s 810-megawatt Empire Wind 1, which is scheduled to begin commercial operations in 2027, has accumulated the equivalent of about $5 billion in capital investments for the offshore New York project.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.