US solar developer Primergy, launched by investment fund Quinbrook Infrastructure Partners, has secured a US$760 million refinancing for its Gemini Solar and Storage Project in Clark County, Nevada.
Gemini is a 690MWac/966MWdc solar PV project paired with 380MW/1,400MWh of battery energy storage system (BESS), which Primergy claims is the largest co-located, single-phase project operating in the US. The project began commercial operations in 2024.
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The refinancing of the Gemini solar-plus-storage project was secured through a US$600 million private placement of senior secured notes and a US$160 million letter of credit facility. The developer said the 24-year fully amortising Note financing offers long-term stability and removes the risk of future refinancing.
The notes are supported by reliable cash flows from an existing 25-year power purchase agreement (PPA) and a 10-year production tax credit transfer deal.
BofA Securities, KeyBanc Capital Markets, and MUFG Securities Americas served as lead placement agents for the notes, with their affiliates acting as issuing banks for the letter of credit facility.
The solar and BESS at Gemini are DC-coupled, enabling the BESS to charge directly from solar energy. This setup enhances efficiency by reducing energy losses, as the solar energy does not need to pass through a DC-AC inverter to reach the BESS.
This article was first published on our sister-site Energy-storage.news.
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