Primergy Solar, LLC, a prominent developer, owner, and operator of utility-scale solar and energy storage projects, has successfully secured $350 million in tax equity financing for the 408 MWac Ash Creek Solar project in Hill County, Texas. This funding boosts the total capital raised for the Ash Creek project to nearly $1 billion. Earlier this year, Primergy announced $588 million in project financing for construction and secured a long-term power purchase agreement with Microsoft. The project is currently under construction and is expected to be operational by early 2025.
“This successful tax equity financing in today’s ERCOT market underscores our team’s ability to develop top-tier projects,” stated Tim Larrison, CFO of Primergy. “Large-scale solar projects are crucial for decarbonizing and enhancing the resilience of our nation’s electric grid. We are grateful for the ongoing partnerships and the confidence we receive from leading financial institutions and investors, which are vital for delivering clean energy to communities across America.”
The tax equity investment was led by a Fortune 500 telecommunications company, with additional backing from Truist Bank. Primergy received advisory support from Latham & Watkins LLP and Paragon Energy Capital, while the telecommunications company and Truist Bank were advised by Milbank LLP and Cornerstone Financial Advisors LLC.
This financing marks approximately $3.8 billion in total debt and tax equity commitments secured by Primergy and Quinbrook Infrastructure Partners for U.S. solar and battery storage projects since 2020.
Originally developed by Orion Power Generation, LLC—a joint venture between Orion Renewable Energy Group LLC and Eolian—Primergy acquired the Ash Creek project in 2021. Primergy Solar specializes in utility-scale solar PV and battery storage projects across the United States, managing a substantial portfolio of operational and development-stage projects in major energy markets, including ERCOT, MISO, PJM, CAISO, WECC, and SERC. With a skilled team boasting decades of experience in renewable energy project development, financing, construction, and operations, Primergy Solar is at the forefront of delivering innovative and sustainable energy solutions. Primergy Solar is a portfolio company of Quinbrook Infrastructure Partners and serves as the primary investment platform for Quinbrook’s solar and solar-plus-storage initiatives in North America.
