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    1. Distributed Energy

    Primergy Solar gains option to $200M credit to fund PV plus Energy Storage projects

    Dec. 26, 2022
    The company’s near-term portfolio contains more than 3.2 GW of solar and about 2.3 GW of storage projects targeting operational dates through 2026. These include the Gemini and Iron point/Hot Pot projects in Nevada
    Image credit Quinbrook website
    Quinbrook Solar 63a9bd298f651

    Distributed energy developer Primergy Solar has received quite a gift around this Christmas season.

    Ok, it’s not really a gift, per se, but a massive influx of available credit from Rabobank that should keep in giving for years to come. The $75 million revolving credit facility, with an option to increase to $200 million, will support Prmergy’s goal of developing solar and solar+storage projects across the U.S.

    “We are grateful for Rabobank’s partnership and support,” Primergy CFO Tim Larrison said in a statement late last week. “This facility will allow Primergy to continue to expand our project portfolio, as we focus on developing large-scale solar and storage projects that deliver impactful decarbonization of power supplies in multiple U.S. regions and create positive financial impacts for local communities.”

    The company’s near-term portfolio contains more than 3.2 GW of solar and about 2.3 GW of storage projects targeting operational dates through 2026. These include the Gemini and Iron Point/Hot Pot projects in Nevada.

    Overall, Primergy is developing projects in 17 states. The portfolio includes smaller, distributed energy resource projects and utility-scale solar and storage development.

    The leadership team includes CEO Ty Daul, who previously had leadership stints with Recurrent Energy and Canadian Solar. CFO Larrison has more than 25 years experience in the energy and utility sectors, including Azuriks and Green Charge Networks.

    In addition to the 690-MW solar + 1.4-GWh battery storage Gemini project in Nevada currently under construction, Primergy is working on the 408-MW Ash Creek solar site in Texas and the 300-MW Prairie Mist in Arkansas.

    Venture capital investment in solar companies shot up 150 percent year over year for the first nine months of 2022, according to Mercom Capital.

    Meanwhile, a forecast by UBS Investment bank predicts that energy storage has a $385 billion market potential by 2030.

    Investment firm Quinbrook Infrastructure Partners launched Primergy Solar in 2020. 

    About the Author

    Rod Walton, EnergyTech Managing Editor | Senior Editor

    For EnergyTech editorial inquiries, please contact Managing Editor Rod Walton at [email protected].

    Rod Walton has spent 15 years covering the energy industry as a newspaper and trade journalist. He formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

    Walton earned his Bachelors degree in journalism from the University of Oklahoma. His career stops include the Moore American, Bartlesville Examiner-Enterprise, Wagoner Tribune and Tulsa World. 

    EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids. The C&I sectors together account for close to 30 percent of greenhouse gas emissions in the U.S.

    He was named Managing Editor for Microgrid Knowledge and EnergyTech starting July 1, 2023

    Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.

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