Primergy Solar has closed commitments for $588 million in debt financing for the 408 MW Ash Creek Solar project in Hill County, Texas, while also signing a long-term PPA with Microsoft for the plant’s full capacity.
Primergy has engaged SOLV Energy as the project’s EPC partner. Construction has started and once operational, the project is expected to be managed by six permanent on-site positions.
“The successful completion of this financing and a long-term PPA from Microsoft for Ash Creek is a testament to Primergy’s proven ability to creatively develop, finance, build, and operate large-scale renewables projects,” says Ty Daul, CEO of Primergy.
“Ash Creek aligns with Primergy’s mission to invest in well-located projects that offer regional diversity to our portfolio and serve the needs of leading corporate customers. Our team is extremely grateful for our continued partnership with prominent clean energy project financiers to make this a reality and are proud to work with Microsoft on meeting its sustainability commitments.”
Project debt financing includes a construction loan, tax credit transfer bridge loan and related letters of credit. Facilities are led by MUFG Bank and SMBC as lead structuring arrangers and seven coordinating lead arrangers, including BNP Paribas, Commerzbank AG, Crédit Agricole Corporate and Investment Bank, ING Capital, KeyBanc Capital Markets, Norddeutsche Landesbank Girozentrale, New York Branch and Rabobank. Latham & Watkins acted as Primergy’s legal counsel, while Skadden Arps Slate Meagher & Flom served as lender’s counsel.
Ash Creek Solar was originally developed by Orion Power Generation, a joint venture between Orion Renewable Energy Group and Eolian. Primergy acquired the project in 2021.
The post Primergy Secures Financing, PPA with Microsoft for Texas Solar Project appeared first on Solar Industry.
Primergy Secures Financing, PPA with Microsoft for 408 MW Solar Project
I met a guy earlier today who told me that wind and solar are controversial, and that some people say that the mining and manufacturing of wind turbines requires more fossil fuels that the turbines themselves produce.
I told him that I’m aware of such people; they’re called “professional liars.”
I explained the concept of EROI, energy return on investment, and surprised him by saying that the EROI of wind is somewhere between 18 and 30, meaning that each wind turbine you see as you drive along the freeway will generate at least 18 times as much energy as was required in its mining, fabrication, installation, maintenance, and decommissioning–all the way up to 30 times that amount.
The generation of disinformation of renewables has become a cottage industry. People are paid to make up and publish complete bullshit, so as to discredit the burgeoning clean energy industry, and keep Big Oil in place.
As bad as things are in the United States, they could always get worse.
Trump could succeed in his quest to be a dictator, Christianity could be taught in schools, and unvaccinated adults and their kids could trigger another epidemic.
In terms of our reputation on the world stage, however, things really can’t get must worse; the countries around the globe already regard us with a mixture of hate and derision.
Yet regardless of what the future holds, there will always be idiots who that believe that Trump is our savior, like the author of the meme above.
Good to see John Eastman disbarred in California; it’s a small measure of justice.
Criminal prosecution in the future?
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