Quinbrook and Primergy Complete $1.9 Billion Debt and Tax Equity Financing for Monumental Gemini Solar and Storage Project | news

OAKLAND, Calif.–(BUSINESS WIRE)–May 25 April 2022–

Quinbrook Infrastructure Partners (“Quinbrook”) and Primergy Solar (“Primergy”) today announced the final closing of a monumental $1.9 billion debt and tax equity financing agreement for the Gemini Solar + Storage project. Gemini is a 690 MWac/966 MWdc solar PV and 380 MW/1,416 MWh battery storage project in Clark County, Nevada and is the largest single project of its kind to begin construction in the United States

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Gemini’s debt financing consists of $1.3 billion in debt facilities, including a construction/term loan, a tax participation bridge loan and a credit facility. The Gemini financing includes $532 million in tax participation commitments, believed to be the largest single asset tax participation solar financing ever completed in the United States, provided by Truist Bank and Bank of America. Construction was led by four coordinating lead managers, KeyBanc Capital Markets, Inc., MUFG Bank Ltd., Bank of America, NA and Norddeutsche Landesbank Girozentrale, New York Branch. The coordinating principal arrangers successfully syndicated the credit facilities to 19 lenders and Quinbrook and Primergy arranged Voya Investment Management’s US$95 million mezzanine credit facility.

David Scaysbrook, Managing Partner of Quinbrook, said: “The Quinbrook and Primergy teams have worked diligently towards this day for many years. An impressive project from every perspective, Gemini sets new standards for both sustainable renewable energy development and significant ESG impacts in terms of job creation, environmental protection, emissions and local community engagement. Our teams have overcome many challenges along the way and their hard work has enabled us to garner strong support from our client NV Energy and a top-tier consortium of banks. Once operational, Gemini will demonstrate the many benefits of combining large-scale solar power with storage and pave the way for many similar projects by the Primergy team.”

The completion of the financing follows Gemini’s recent completion of major asset procurement and contractor selection following an extensive technical and supply chain evaluation process. Quinbrook and Primergy leveraged decades of combined renewable energy experience within their respective teams to guide the complex development process and procurement of key equipment for the project.

“The successful completion of this financing is a testament to the discipline and dedication of our teams in establishing leading best practices in sustainable renewable energy development and responsible sourcing,” said Ty Daul, CEO of Primergy. “With committed suppliers and contractors and secured financing, we are ready to begin construction of this unprecedented project. Our development philosophy, which we call the Gemini model, takes a holistic and responsible approach that focuses on collaboration, community stakeholders and ecosystem management. We look forward to scaling this model for our many upcoming projects.

The Gemini project was developed by Primergy, a wholly owned portfolio company of Quinbrook. Upon completion and commissioning in late 2023, Gemini will supply renewable energy under a 25-year purchase agreement with NV Energy.

“We are proud to work with our partners at Quinbrook and Primergy to serve as Left Lead Arranger for the Gemini Solar + Storage project,” said Aaron Klein, Manager Director, Utilities Power & Renewables at KeyBanc Capital Markets. “We provided capital prior to this financing in support of this flagship project and look forward to its successful completion to provide renewable energy in Las Vegas.”

“This significant transaction marks another major step forward in solar energy and storage in the renewable energy development space. Our commitment to allocating capital in this space through tax justice, debt financing and hedging solutions is an integral part of Bank of America’s broader goal of $1.5 trillion in sustainable finance by 2030,” said Karen Fang, Global Head of Sustainable Finance at of Bank of America.

“We are pleased to support this landmark project as it progresses to completion, consistent with our mandate to allocate capital to renewable energy and sustainable infrastructure projects,” said Edward Levin, SVP and Co-Head Direct Infrastructure, Voya Investment Management.

Paragon Energy Capital acted as tax advisor and Orrick, Herrington & Sutcliffe acted as legal advisor to Primergy. Hunton Andrews Kurth provided tax advice to Truist, Milbank LLP provided tax advice to Bank of America, Allen & Overy provided Voya tax advice and Winston & Strawn LLP provided the lenders advice.

For more information on Primergy, visit https://www.primergysolar.com/. Additional information on the Gemini project, including simulations of the final project and details of the Company’s environmental resource management, is available at www.primergygemini.com.

About Primergy

Primergy Solar, LLC (https://www.primergysolar.com) is a developer, owner and operator focused on distributed and large-scale solar PV and battery storage projects in North America. Primergy Solar has a diverse and talented team with decades of experience in the development, financing, construction and operation of renewable energy projects. It is currently managing and developing a significant portfolio of operational and development phase solar and battery storage projects. Primergy Solar is a portfolio company of Quinbrook Infrastructure Partners and represents Quinbrook’s premier solar and solar array plus energy storage investment platform in North America.

About Quinbrook Infrastructure Partners

Quinbrook Infrastructure Partners ( http://www.quinbrook.com ) is a specialist investment manager focused solely on renewable energy, storage and grid support infrastructure and operational asset management in the US, UK and Australia. Quinbrook is directed and managed by a senior team of energy industry professionals who have collectively invested approximately $8.2 billion of equity in energy infrastructure assets since the early 1990’s, representing an aggregate enterprise value of approximately $28.7 billion, or 19, 5 GW of power supply capacity equates to . Quinbrook has a variety of direct investments in the US, UK and Australia in onshore wind and solar, battery storage, peak reserve capacity, biomass, volatile methane recovery, hydroelectric power and flexible energy management solutions for both utility and distributed onshore wind and solar power solar energy made.

About KeyBanc Capital Markets

KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic businesses that are capitalizing on opportunities in changing industries. Our deep industry expertise, deep skillset and unique ideas are delivered seamlessly to companies in the Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Energy & Renewables and Technology verticals. With over 800 professionals on a national platform, KeyBanc Capital Markets has over $40 billion in capital serving clients and an award-winning equity research team covering nearly 700 public companies. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank NA banking products and services, are offered by KeyBank NA

View source version on businesswire.com: https://www.businesswire.com/news/home/20220425005255/en/

CONTACT: Media contact

Alex Autry—Primergy

alex@teamsilverline.comJennifer Pfluger – Quinbrook




SOURCE: Primergy Solar

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PUB: 4/25/2022 8:00 AM / DISC: 4/25/2022 8:02 AM



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