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Primergy secures $300M for its 100MW Prairie Mist Solar Project
Primergy Solar LLC, a company involved in the development, ownership and operation of scale solar and storage projects announced today that it has successfully secured $300 million, in debt financing and tax equity investment for the Prairie Mist Solar Project. This project, located in Ashley County, Arkansas will have a capacity of 100 MWac.
The debt financing for the Prairie Mist project includes components such as tax equity bridge loan, construction/term debt and a letter of credit facility. A syndicate comprising Norddeutsche Landesbank Girozentrale, Société Générale, Crédit Agricole Corporate and Investment Bank and SMBC is leading the debt facilities. Additionally The PNC Financial Services Groups affiliate takes charge of leading the tax equity investment.
Alejandro Lopez Jensen, Senior Director of Project Finance at Nord/LB expressed his satisfaction with supporting Primergy as Coordinating Lead Arranger for the Prairie Mist financing. He emphasized that this project reflects their commitment to funding energy initiatives across the United States. Nord/LB values its partnership, with Primergy. Shares their goal of advancing the energy transition.
Expected Completion Date for Prairie Mist Solar Project Construction
The Prairie Mist Solar project is set to wrap up in 2024. Once it’s up and running, it’s going to generate enough clean energy to power around 22,000 homes every year. And it’s not just about energy – Prairie Mist is expected to create 100 local jobs and bring in about $10 million in tax benefits for Ashley County.
Ty Daul, CEO of Primergy shared that their team is dedicated to developing top tier carbon energy supply projects focusing on creating efficient systems from start to finish. “We greatly appreciate our collaboration, with the financiers of clean energy projects who are dedicated to assisting us in the decarbonisation of the power grid, in the United States.”
The Prairie Mist Solar Project is presently under construction and will be linked to Entergys transmission system within the operating area of Midcontinent Independent System Operator (MISO). This solar project will improve Arkansas energy composition and self-sufficiency as it currently heavily depends on coal, gas and oil for power production. |
