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
It’s hard to think of a bad trait that Trump doesn’t manifest.
He certainly has pettiness and vindictiveness nailed.
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ACORE Celebrates its 25th Anniversary by Ringing The Opening Bell at the NYSE
New York, NY – Today, ACORE celebrated 25 years by ringing The Opening Bell at the New York Stock Exchange (NYSE), marking an important milestone and sending a clear message that clean energy is a foundational economic engine of the 21st century.
“When ACORE was founded 25 years ago, our goal was to prove the economic case for clean power. Today, as we ring the bell at the New York Stock Exchange, we are celebrating the reality that clean energy is now the cheapest, most reliable, and most scalable source of power available,” said ACORE President and CEO Ray Long. “Our focus remains on the future. We are facing unprecedented electricity demand growth, and we need to deploy capital faster than ever before to build the grid of tomorrow. The financial momentum is here, and the clean energy economy is ready to deliver the abundant, low-cost power our nation demands.”
Founded in 2001, ACORE was the first organization dedicated to expanding the pan-renewable economy in the United States. For 25 years, ACORE has worked toward its vision of an electrified economy powered by clean energy that supports an improved quality of life for all. Today, ACORE members are the investment engine behind the massive clean energy deployment that is helping ensure that Americans’ energy needs are met.
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About ACORE:
ACORE is a nonpartisan nonprofit organization that operates at the intersection of affordability, reliability, and clean energy deployment. Our work is focused on stabilizing energy prices, strengthening the electric grid, and driving investment in cost-effective technologies to ensure that clean energy delivers for people, businesses, and the U.S. economy.
ACORE’s membership includes clean energy investors, developers, energy buyers, power generators, manufacturers, and energy providers. In 2024, nearly 80% of the booming utility-scale domestic clean energy growth was financed, developed, owned, equipped, or contracted by ACORE members. For more information, visit www.acore.org.
Media Contacts:
Chris Higginbotham
higginbotham@acore.org
The post ACORE Celebrates its 25th Anniversary by Ringing The Opening Bell at the NYSE appeared first on ACORE.
https://acore.org/news/acore-celebrates-its-25th-anniversary-by-ringing-the-opening-bell-at-the-nyse/
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