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    Estuary Power closes $340M Financing for Solar & Storage Project Powering Casino Customers in Nevada

    Jan. 10, 2025
    MGM Resorts, Overton Power District, Caesar’s Entertainment and Wynn Las Vegas are long-term PPAs committed to the project’s output.
    Image credit Wynn resorts (not a picture of the Escape project).
    Image credit Wynn resorts (not a picture of the Escape project).

    Estuary Power, a majority woman-owned business with financial backing from Ullico Infrastructure Fund, has closed a $340 million financing package for its 226 MW Escape Solar and Storage project in Lincoln County, Nevada.

    The project includes 185 MW of solar photovoltaic capacity and 400 MWh of battery energy storage capacity.  It will supply power to four Nevada customers under long-term agreements:  115 MW of solar and 400 MWh of battery energy storage to MGM Resorts International; 25 MW to Overton Power District; 25 MW to Caesars Entertainment; and 20 MW to Wynn Las Vegas.

    Estuary Power has selected Bechtel Infrastructure and Power Corp. to design and construct the direct current PV solar facility. Additionally, the project’s substation and certain transmission upgrades are constructed by Dashiell Corporation, while Tesla is supplying and installing the battery energy storage system and JinkoSolar is supplying TOPCon photovoltaic modules.

    The project will generate nearly $80 million in tax revenue for Lincoln County over its lifespan. It will interconnect to Lincoln County Power District's Mesa substation and transmit power over Lincoln County Power District's and Overton Power District's systems.

    While construction on the utility scale solar project is under progress and is scheduled to be completed in Q3 2025, it will consist of approximately 389,000 PV solar panels across 900 acres to produce clean energy. The project will include highly efficient bifacial solar panel technology helping both sides of the panels to absorb sunlight.

    Bechtel will design and deliver the PV facility solar portion of the project, including engineering, procurement, construction, commissioning and project management.

    Escape is being constructed by members of International Brotherhood of Electrical workers Locals 357 and 396, Operating Engineers Local 12, and Laborers' International Union of North America Local 872 under Estuary's Responsible Contractor Policy.

    The project’s financing includes a tax equity commitment from Morgan Stanley Renewables; a tax equity bridge loan provided by First Citizens Bank & Trust Company, Norddeutsche Landesbank Girozentrale, and National Bank of Canada; and a long-term construction-to-term facility provided by Denham Capital on behalf of its clients.

    While Estuary was advised by CRC-IB, Norton Rose Fulbright LLC, and Morgan, Lewis & Bockius, Morgan Stanley was advised by Willkie Farr & Gallagher and the lender group was advised by Mayer Brown.

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