Primergy Solar, a developer, owner and operator of utility-scale solar, distributed solar and energy storage, closed a $75 million revolving credit facility with Rabobank. The facility has an option to increase up to $200 million.
Primergy Solar will use the facility to support a growing development pipeline of solar and solar plus storage projects across the United States. Primergy’s near-term portfolio exceeds 3.2 GW of solar PV and 2.3 GW of storage projects targeting operational dates through 2026, including its previously announced Gemini and Iron Point/Hot Pot projects in Nevada. A further five GW of solar PV and 4.3 GW of storage projects are planned for operational dates after 2026.
“We are grateful for Rabobank’s partnership and support. This facility will allow Primergy to continue to expand our project portfolio as we focus on developing large-scale solar and storage projects that deliver impactful decarbonization of power supplies in multiple U.S. regions and create positive financial impacts for local communities,” Tim Larrison, CFO at Primergy, said.
The new debt facility further diversifies Primergy’s financing sources and supports the continued growth of a portfolio of projects, which now spans 17 states.
“As [a] leading utility-scale developer, this facility provides Primergy a flexible financing vehicle through which it can efficiently grow its development pipeline targets,” Claus Hertel, managing director of project finance at Rabobank, said. “Rabobank is pleased to have structured this financing to allow Primergy to meet its growth targets in diverse geographies and supporting the energy transition, representing a strong alignment with the bank’s strategy of supporting clients’ decarbonization goals.”