US-based Primergy Solar has secured $350 million in tax equity financing for its 408 MWac Ash Creek Solar project in Hill County, Texas. This financing adds to the $588 million raised earlier this year for construction, bringing the total capital to nearly $1 billion. According to Primergy, the project is under construction and is expected to become operational by early 2025. Primergy also signed a long-term power purchase agreement with Microsoft. The project was initially developed by Orion Power Generation and acquired by Primergy in 2021. The tax equity investment was led by an anonymous Fortune 500 telecommunications company, with additional support from Truist Bank. Primergy Solar is a portfolio company of Quinbrook Infrastructure Partners, and they have secured $3.8 billion for their US solar assets since 2020.
Primergy secures $350M tax equity for Ash Creek project
Primergy Solar’s Ash Creek Solar project will deliver clean energy under a long-term power purchase agreement with Microsoft. (Image Source: Primergy Solar)
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The company currently operates 50 MW of solar capacity and has 283 MW in development in the Valencian region. (Image Source: Castillo Engineering)