US-based Primergy Solar secured $225 million in financing for its Valley of Fire (VoF) portfolio, which includes solar and storage projects in Nevada, Colorado, and Arizona. The financing consists of a $125 million tax credit sale for the Gemini Solar + Storage project and a $100 million revolving credit facility from Rabobank for ongoing development. The VoF portfolio encompasses over 2.65 GW of solar capacity and up to 1.5 GW of storage, with operational timelines extending through 2030. The contracted Purple Sage Energy Center in Nevada, a 400 MW PV + 1.6 GWh storage project, is part of this portfolio. Financial and legal advisories for the tax credit and credit facility were provided by Orrick, Paragon Energy Capital, and Stoel Rives LLP.
Primergy closes $225M funding for solar, storage projects
Primergy’s Valley of Fire portfolio encompasses over 2.65 GW of solar and up to 1.5 GW of storage across multiple states. (Image Credit/Source: RDNEStock Project/Pexels)
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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)
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