Primergy Solar, a developer, owner and operator of utility-scale solar and energy storage projects, closed commitments for $350 million in tax equity financing for the 408 MWac Ash Creek Solar project in Hill County, Texas. This brings the total capital raised for the Ash Creek Solar project to nearly $1 billion.
“This level of successful tax equity financing in today’s ERCOT market is a testament to our team’s ability to develop best-in-class projects,” Tim Larrison, CFO of Primergy, said. “Large-scale solar projects are essential for decarbonizing and increasing the resilience of our nation’s electric grid. We are pleased with the continued partnerships and the trust we receive from leading financial institutions and investors, which are essential to delivering clean energy to communities across America.”
The tax equity investment was led by a Fortune 500 telecommunications company, with additional investment from Truist Bank. Primergy was advised by Latham & Watkins and Paragon Energy Capital. The telecommunications company and Truist Bank were advised by Milbank and Cornerstone Financial Advisors.
