More than $500 million in funding will advance solar power projects in North Texas.
The Ash Creek Solar Project, located on thousands of acres in Hill County south of Dallas, recently closed on $588 million in debt financing commitments, including construction loans, tax credits and other letters of credit.
Technology giant Microsoft has agreed to buy the entire capacity of the solar power plant under a long-term agreement. Its capacity allows him to power approximately 90,000 homes for one year.
Primergy Solar LLC supports projects in the Penelope and Abbott communities. Ash Creek Solar was originally developed as a joint venture between Orion Renewable Energy Group LLC and Eolian. Acquired by Primergy in 2021.
Primergy develops, owns and operates solar power and battery storage projects throughout the United States and is a portfolio company of investment manager Quinbrook Infrastructure Partners.
The project, for which SOLV Energy will be the contractor, is expected to create approximately 350 jobs during construction. Once operational, it will be managed by six full-time employees.
Primegy estimates that Ash Creek Solar will generate approximately $100 million in tax dollars for Hill County over its life of operation, which is estimated to be more than 30 years.
Ash Creek Solar landowners will earn cumulative annual lease payments of $1 million to $2 million, the company said on its website. We have worked with over 20 landowners.
Latham & Watkins worked with Primegy on the debt financing, and Skadden, Arps, Slate, Meagher & Flom advised the lenders.
MUFG Bank and SMBC acted as lead financing structuring arrangers, with BNP Paribas, Commerzbank, Crédit Agricole Corporate and Investment Bank, ING Capital, KeyBanc Capital Markets, and Norddeutsche Landesbank.・Girocentrale, New York Branch, and Rabobank are participating as coordinating arrangers. .
