Quinbrook Infrastructure Partners and Primergy Solar have closed a monumental financing deal of $1.9 billion in debt and tax equity financing for the Gemini Solar + Storage project.
Gemini is a 690-megawatt AC / 966-megawatt DC solar PV and 380-megawatt / 1,416 megawatt-hour battery storage project located in Clark County, Nev., and is the largest single project of its kind to begin construction in the United States.
The Gemini debt financing consists of $1.3 billion in credit facilities, including a construction/term loan, tax equity bridge loan and letter of credit facility. The Gemini financing includes $532 million in tax equity commitments, which is believed to be the largest single-asset tax equity solar financing ever completed in the United States, provided by Truist Bank and Bank of America.
“The Quinbrook and Primergy teams have been working diligently toward this day for many years,” said David Scaysbrook, managing partner of Quinbrook. “Gemini