Queensland-based energy investment manager Quinbrook Infrastructure Partners says it has closed a multi-billion-dollar financing deal for one of the world’s biggest solar and battery storage projects.
The 690MW Gemini solar and storage project, which will also include 380MW/1,416MWh of battery storage, is the largest project of its type in the US, and will be built just 30 minutes outside of Las Vegas in Clark County, Nevada.
And the company plans many more such projects in the US.
The debt financing landed by Quinbrook and its offshoot Primergy Solar consists of $US1.3 billion in credit facilities and includes $US532 million in tax equity commitments – believed to be the largest single-asset tax equity solar financing ever completed in the US.
The Gemini project is expected to begin operations in late 2023 and will deliver renewable energy under a 25-year purchase agreement with Nevadan public utility NV Energy.
“Once operational, Gemini will showcase the many benefits of pairing large scale solar power with storage and will guide the way for many similar projects to come from the Primergy team,” said David Scaysbrook, Quinbrook co-founder and managing partner.
“Gemini is an impressive project from any perspective and sets new benchmarks for both sustainable renewables development and meaningful ESG impact across 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 customer NV Energy and a high calibre banking syndicate.”
Ty Daul, the CEO of Primergy says the company is looking forward to scaling the model on Gemini for its many upcoming projects.
“This significant transaction demonstrates yet another major step forward in solar energy and storage in renewables development,” said Karen Fang, the global head of sustainable finance at Bank of America.
