US$588 million Project Financing and PPA secured for 408 MW Solar and Energy storage project in USA

Primergy Secures US$588 million in Project Financing and Power Purchase Agreement (PPA) with Microsoft for 408 MW Ash Creek is a solar energy project in Hill County, Texas, USA. The facility will be built over an area of 3,480 acres of land and will generate enough clean reliable energy to power approximately 90,000 homes annually.

The Solar and energy storage project debt financing includes a construction loan, tax credit transfer bridge loan, and related letters of credit. The facilities are led by MUFG Bank, Ltd. 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 LLP 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, LLC, a joint venture between Orion Renewable Energy Group LLC and Eolian. Primergy acquired the project in 2021.