Primergy Solar has secured commitments for $300m in debt finance and tax equity investment for the 100MW Prairie Mist solar project in the US state of Arkansas.
The debt financing was secured from a syndicate of Norddeutsche Landesbank Girozentrale, Société Générale, the Crédit Agricole Corporate and Investment Bank, and SMBC.
It includes a tax equity bridging loan, construction/term debt and a letter of credit facility.
The company also secured a tax equity investment led by an affiliate of PNC Financial Services Group.
Located in Ashley County, Arkansas, Prairie Mist is the first phase of a 300MW project to be built in phases up to 2026.
It sits on 700 acres of rural land and will be powered by 250,000 photovoltaic panels.
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Due to be completed in 2024, the first phase will generate enough clean energy to meet the needs of 22,000 households annually.
It will be connected to Entergy’s transmission system within the Midcontinent Independent System Operator.
During its peak construction period, 100 jobs will be created.
Prairie Mist will enhance the state’s energy mix and independence, as it relies heavily on coal, gas and oil for generating power.
Primergy CEO Ty Daul stated: “The Primergy team is focused on developing, building and operating best-in-class, carbon-free energy supply projects across the country.
“We are grateful for our continued partnership with the leading clean energy project financiers that are focused on helping us decarbonise the US power grid.”
In December 2022, the company increased its revolving credit facility with Rabobank from $75m to $200m to support solar plus storage projects in the US. These include the Gemini and Iron Point/Hot Pot projects in Nevada, the 408MW Ash Creek project in Texas, as well as the 300MW Prairie Mist in Arkansas.
In October 2022, Primergy and its owner, Quinbrook Infrastructure Partners, sold a 49% stake in the 690MW Gemini solar plus storage project to Dutch pension asset management company APG.