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Developer Inks PPA With Microsoft For Texas Solar Project, Announces Project Financing
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Primergy Solar LLC announced today that it closed commitments for $588 million in debt financing for the 408 MWac Ash Creek Solar project in Hill County, Texas.
The company also signed a long-term power purchase agreement with Microsoft for the full capacity of the plant.
The Ash Creek Solar project debt financing includes a construction loan, tax credit transfer bridge loan, and related letters of credit. The facilities are led by MUFG Bank, Ltd. and SMBC as lead structuring arrangers and seven coordinating lead arrangers (CLAs) including BNP Paribas, Commerzbank AG, Crédit Agricole Corporate and Investment Bank, ING Capital, KeyBanc Capital Markets, Norddeutsche Landesbank Girozentrale, New York Branch, and Rabobank.
Ash Creek Solar was originally developed by Orion Power Generation, LLC, a joint venture between Orion Renewable Energy Group LLC and Eolian. Primergy acquired the project in 2021.
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March 11, 2024
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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