Gemini Solar + Storage Project Secures $600 Million Bond Refinancing and $160 Million Letter of Credit Facility

Type: Financing · Technology: Solar, Storage, Hybrid · Country: United States · Capacity: 690 MW · Value: $760M · Announced: 2026-03-10

Gemini Solar + Storage secured a $600M private placement and $160M LC facility, refinancing its 690 MWac solar and 380 MWac storage.

Analysis

The $760 million refinancing for the operating Gemini Solar + Storage Project in Clark County, Nevada, demonstrates robust institutional confidence in large-scale, hybrid renewable assets. This transaction, comprising a $600 million private placement and a $160 million letter of credit facility, allows the 690 MWac solar and 380 MWac / 1,496 MWh battery energy storage facility to optimize its capital structure. For Primergy Solar, as the developer, owner, and operator, securing this financing for an already operational asset likely frees up capital for its significant pipeline of new projects across North America. Quinbrook, the specialist investor in energy transition infrastructure and parent company, benefits by validating its creative investing approach and the successful development of innovative projects like Gemini. This refinancing provides long-term stability for one of the largest solar and battery facilities in the United States, ensuring continued operation and revenue generation from its 690 MWac solar and 380 MWac storage capacity. The consortium of five lenders, including KeyBanc Capital Markets, MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc., BNP Paribas, and BofA Securities, highlights strong appetite for proven renewable energy infrastructure. Each financial institution, from KeyBanc's corporate and investment banking arm to MUFG's U.S. broker-dealer and BofA Securities' global corporate division, brings extensive project finance and capital markets expertise to the $760 million deal. Latham & Watkins advised the lenders, leveraging its global legal talent to shape the complex private placement and LC facility. Orrick, Herrington & Sutcliffe LLP, with its expertise in energy and infrastructure, provided legal counsel to the Gemini Solar + Storage Project, facilitating the refinancing for the 690 MWac solar and 380 MWac storage facility. This transaction underscores the ongoing financial maturation of utility-scale hybrid projects in North America, attracting diverse institutional capital for operating assets.

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