Primergy Photo voltaic has closed commitments for $588 million in debt financing for the 408 MW Ash Creek Photo voltaic undertaking in Hill County, Texas, whereas additionally signing a long-term PPA with Microsoft for the plant’s full capability.
Primergy has engaged SOLV Vitality because the undertaking’s EPC associate. Building has began, and as soon as operational, the undertaking is anticipated to be managed by six everlasting on-site positions.
“The profitable completion of this financing and a long-term PPA from Microsoft for Ash Creek is a testomony to Primergy’s confirmed potential to creatively develop, finance, construct, and function large-scale renewables tasks,” says Ty Daul, CEO of Primergy.
“Ash Creek aligns with Primergy’s mission to spend money on well-located tasks that supply regional variety to our portfolio and serve the wants of main company prospects. Our crew is extraordinarily grateful for our continued partnership with outstanding clear power undertaking financiers to make this a actuality and are proud to work with Microsoft on assembly its sustainability commitments.”
Undertaking debt financing features a development mortgage, tax credit score switch bridge mortgage and associated letters of credit score. Amenities are led by MUFG Financial institution and SMBC as lead structuring arrangers and 7 coordinating lead arrangers, together with BNP Paribas, Commerzbank AG, Crédit Agricole Company and Funding Financial institution, ING Capital, KeyBanc Capital Markets, Norddeutsche Landesbank Girozentrale, New York Department and Rabobank. Latham & Watkins acted as Primergy’s authorized counsel, whereas Skadden Arps Slate Meagher & Flom served as lender’s counsel.
Ash Creek Photo voltaic was initially developed by Orion Energy Era, a three way partnership between Orion Renewable Vitality Group and Eolian. Primergy acquired the undertaking in 2021.
