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

OAKLAND, Calif.–(BUSINESS WIRE)–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 and 380 MW/1,416 MWh solar PV battery storage project located in Clark County, Nevada, and is the largest such project to begin construction in the United States. .

Gemini’s debt financing consists of $1.3 billion of credit facilities, including a construction/term loan, a tax equity bridge loan and a letter of credit facility. Gemini’s financing includes $532 million in tax equity pledges, which are considered the largest tax equity solar financings ever in the United States, provided by Truist Bank and Bank of America. The construction facilities were led by four coordinating lead arrangers, KeyBanc Capital Markets, Inc., MUFG Bank Ltd., Bank of America, NA and Norddeutsche Landesbank Girozentrale, New York Branch. The lead coordinating arrangers successfully syndicated the credit facilities with 19 lenders, and Quinbrook and Primergy arranged the $95 million mezzanine credit facility with Voya Investment Management.

David Scaysbrook, Managing Partner of Quinbrook, said: “The teams at Quinbrook and Primergy have been working diligently towards this day for many years. Gemini is an impressive project by any measure and sets new benchmarks for sustainable renewable energy development and meaningful ESG impact on job creation, environmental stewardship, emissions and local community engagement. Our teams have overcome many challenges along the way and their hard work has enabled us to attract strong support from our client NV Energy and a high caliber banking syndicate. Once operational, Gemini will showcase the many benefits of combining large-scale solar power with storage and pave the way for many similar projects to come from the Primergy team.

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

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

The Gemini project was developed by Primergy, a wholly owned holding company of Quinbrook. When completed and operational in late 2023, Gemini will supply renewable energy under a 25-year power purchase agreement with NV Energy.

“We are proud to work with our partners at Quinbrook and Primergy to serve as the lead left arranger for the Gemini Solar + Storage project,” said Aaron Klein, Managing Director, Utilities Power & Renewables at KeyBanc Capital Markets. “We provided capital to support this landmark project prior to this funding and look forward to its successful completion to provide renewable energy to Las Vegas.”

“This important transaction demonstrates a major new step in the field of solar energy and storage in the development of renewable energies. Our commitment to deploying capital in this space through tax fairness, debt financing and hedging solutions is integral to Bank of America’s broader $1.5 trillion sustainable finance goal. by 2030,” said Karen Fang, global head of sustainable finance at Bank of America. .

“We are delighted to support this watershed project as it progresses towards completion, consistent with our mandate to deploy capital into renewable energy and sustainable infrastructure projects,” said Edward Levin, Senior Vice President. and Co-Head of Direct Infrastructure, Voya Investment Management.

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

For more information on Primergy, please visit https://www.primergysolar.com/. For more information on Project Gemini, including simulations of the final project and details on the company’s environmental resource management, please visit www.primergygemini.com.

About Primergy

Primergy Solar, LLC (https://www.primergysolar.com) is a developer, owner and operator of distributed and utility scale solar PV and battery storage projects in North America. Primergy Solar has a diverse and talented team with decades of experience developing, financing, building and operating renewable energy projects. She is currently managing and advancing a large portfolio of solar+ battery storage projects in the operational and development phase. Primergy Solar is a portfolio company of Quinbrook Infrastructure Partners and represents Quinbrook’s leading solar and solar 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 exclusively on renewable energy, storage and grid support infrastructure and operational asset management in the United States, in the UK and Australia. Quinbrook is led 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 1990s, representing a total enterprise value of approximately US$28.7 billion or 19.5 GW of power supply capacity. . Quinbrook has made a diverse range of direct investments in utility-scale and distributed onshore wind and solar energy, battery storage, reserve peaking capacity, biomass, fugitive methane recovery, l hydropower and flexible energy management solutions in the United States, United Kingdom and Australia.

About KeyBanc Capital Markets

KeyBanc Capital Markets is a leading merchant and investment bank that provides capital markets and advisory solutions to dynamic companies taking advantage of opportunities in changing industries. Our deep industry expertise, broad capabilities and unique insights are seamlessly delivered to companies in the consumer and retail, diversified industries, healthcare, industrial, petroleum and gas, real estate, utilities, energy and renewables and technology. With over 800 professionals across a nationwide platform, KeyBanc Capital Markets has over $40 billion in capital committed to clients and an award-winning equity research team that provides coverage on nearly 700 listed companies. in stock exchange. 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

Carol M. Barragan