Funding Round attributes
Primergy Solar recently announced the successful closure of an additional $350 million in tax equity financing for its Ash Creek Solar project in Hill County, Texas. This funding round elevates the total investment in the project to nearly $1 billion, following an earlier financing of $588 million announced earlier this year. The project, which has a capacity of 408 MWac, is under construction and is expected to begin operations in early 2025. The financing was led by a Fortune 500 telecommunications company, with participation from Truist Bank, and aims to support the project's development and its long-term power purchase agreement with Microsoft.
Primergy, a key player in the renewable energy sector, specializes in the development and operation of utility-scale solar and energy storage projects. The company has garnered significant financial backing, amounting to approximately $3.8 billion in debt and tax equity financing commitments for its solar and battery storage assets since 2020. The success of the Ash Creek Solar project is seen as a testament to Primergy's ability to foster partnerships with leading financial institutions, enhancing the resilience of the U.S. electric grid while contributing to clean energy initiatives.
