US Based Primergy Solar Secures $200 Mn Credit Facility from Rabobank

Oakland-California based solar energy and storage conglomerate Primergy Solar, has closed a $75 million revolving credit facility with Rabobank with the option to increase up to $200 million.

Primergy held that the credit facility will be used to support a growing development pipeline of solar and solar+storage projects across the USA. The company’s near-term portfolio exceeds 3.2 GW of solar PV and 2.3 GW of storage projects targeting operational dates through 2026. The pipeline also includes Gemini and Iron Point/Hot Pot projects in Nevada.

Primergy said that a further 5 GW of solar power and 4.3 GW of storage projects are planned for operational dates after 2026.

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Tim Larrison, CFO, Primergy, said, “This facility will allow Primergy to continue to expand our project portfolio, as we focus on developing large-scale solar and storage projects that deliver impactful decarbonization of power supplies in multiple US regions and create positive financial impacts for local communities.”

Primergy informed that the new debt facility further diversifies its financing sources and supports its projects’ growth that span in 17 states.

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The company has 690MWac PV plus 1,416 MWhr BESS Gemini project currently under construction in Nevada. The 408 MWac Ash Creek site in Hill County, Texas, is planned to begin in 2023 and will be operational by 2024.

Primergy also said that the 300 MWac Prairie Mist located in MISO South in Ashley County, Arkansas, will be constructed in phases through 2026. This will also be operationalised in 2024.

Claus Hertel, Managing Director, Project Finance, Rabobank, opined, “As leading utility-scale developer, this facility provides Primergy a flexible financing vehicle through which it can efficiently grow its development pipeline targets.”

He said that Rabobank has structured this financing to allow Primergy to meet its growth targets in diverse geographies and support the energy transition, representing a strong alignment with the bank’s strategy of supporting clients’ decarbonization goals.