Quinbrook and Primergy Close $1.9 Bn Debt, Tax Equity Financing for Historic Solar Project

Quinbrook Infrastructure Partners and Primergy Solar announced the closing of a historic financing deal of $1.9 billion in debt and tax equity financing for the Gemini Solar + Storage project. Gemini is a 690 MWac/966 MWdc solar PV and 380 MW/1,416 MWh battery storage project located in Clark County, Nevada, and is the largest single project of its kind to commence construction in the U.S.

David Scaysbrook, Managing Partner, Quinbrook, said, “The Quinbrook and Primergy teams have been working diligently toward this day for many years. Gemini is an impressive project from any perspective and sets new benchmarks for both sustainable renewables development and meaningful ESG impact across job creation, environmental stewardship, emissions, and local community engagement. Our teams have overcome many challenges along the way and their hard work has enabled us to attract strong support from our customer NV Energy and a high caliber banking syndicate. Once operational, Gemini will showcase the many benefits of pairing large scale solar power with storage and will guide the way for many similar projects to come from the Primergy team.”

The Gemini debt financing consists of $1.3 billion in credit facilities, which includes 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 financing closure comes after the completion of Gemini’s major equipment procurement and contractor selection after an extensive technical and supply chain evaluation process. Quinbrook and Primergy leveraged decades of collective renewable energy experience across their respective teams to navigate the complex development process and major equipment procurement for the project.