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Primergy Solar Secures $225M for Valley of Fire Portfolio

Author

Slice of Energy Team
November 05, 2024

Key Highlights:

  • Primergy Solar secures $225 million in financing for Valley of Fire projects.

  • Financing includes $125 million tax credit sale and $100 million Rabobank credit facility.

  • VoF portfolio spans 2.65 GW of solar and 1.5 GW of battery storage across Nevada, Colorado, and Arizona.

  • Projects target operation dates through 2030, including the 400 MWac Purple Sage Energy Center.

  • Orrick, Paragon Energy Capital, and Stoel Rives LLP advised Primergy on the financing.

Source: Business Wire

Notable Quote:

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"Adding tax credit sales to our financing toolbox along with increasing our access to additional credit capacity from leading financial institutions, like Rabobank, will help us to continue delivering clean energy at scale, and in the proven Primergy way of responsible, stakeholder-oriented development."

Tim Larrison, CFO at Primergy Solar

Our Take:

Primergy Solar’s recent financing underscores its robust commitment to scaling clean energy infrastructure across the Western U.S. The $225 million secured for the Valley of Fire (VoF) portfolio demonstrates a growing reliance on diversified financing approaches, such as tax credit sales and credit facilities. This strategy not only enhances Primergy’s capacity to develop and deploy utility-scale solar and storage projects but also supports sustained growth in the renewable energy sector. With significant capacity projections for VoF’s projects, Primergy is poised to further cement its leadership in delivering sustainable energy solutions that meet both economic and environmental goals.