Primergy Solar, a developer, owner and operator of utility-scale solar and storage projects, closed commitments for $300 million in debt finance and tax equity investment for the 100 MWac Prairie Mist Solar Project in Ashley County, AR.
The Prairie Mist project debt financing includes a tax equity bridge loan, construction/term debt and a letter of credit facility. The debt facilities are led by a syndicate comprising of Norddeutsche Landesbank Girozentrale, Société Générale, Crédit Agricole Corporate and Investment Bank and SMBC. The Prairie Mist financing also includes a tax equity investment led by an affiliate of The PNC Financial Services Group.
“We are pleased to have supported Primergy on the Prairie Mist financing as Coordinating Lead Arranger,” Alejandro Lopez-Jensen, Senior Director, Project Finance at Nord/LB, said. “This project represents our commitment to financing renewable energy projects throughout the US. Nord/LB values our relationship with Primergy and our shared goals toward advancing the energy transition.”
“The Primergy team is focused on developing, building, and operating best-in-class carbon-free energy supply projects across the country,” Ty Daul, CEO of Primergy, said. “We are grateful for our continued partnership with the leading clean energy project financiers that are focused on helping us decarbonize the U.S. power grid.”
The Prairie Mist Solar Project is currently under construction and will connect to Entergy’s transmission system in the Midcontinent Independent System Operator’s (MISO) operating footprint. The solar project will enhance Arkansas’s energy mix and independence, which currently relies heavily on coal, gas and oil for power production.
The project is expected to be completed in 2024, and once operational, will provide enough clean energy to power approximately 22,000 homes annually. Additionally, Prairie Mist is expected to create 100 local jobs and contribute an estimated $10 million in tax benefits in Ashley County.