Gemini Solar + Storage Project
Project
Gemini Solar + Storage secured a $600M private placement and $160M LC facility, refinancing its 690 MWac solar and 380 MWac storage.
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Counterparts (10)
Lender
KeyBanc Capital Markets
company · 4 deals
KeyBanc Capital Markets is the corporate and investment banking arm of KeyCorp, providing M&A advisory, capital raising, and financial services to corporate clients across sectors including infrastructure, energy, and digital. It operates primarily in North America, facilitating significant transactions in renewable energy, data centers, and transmission.
SMBC Nikko Securities America, Inc.
company · 1 deals
SMBC Nikko Securities America, Inc. is the U.S. investment banking arm of Sumitomo Mitsui Banking Corporation (SMBC) Group, providing M&A advisory, debt and equity capital markets, and project finance services. Headquartered in New York, USA, it focuses on infrastructure, energy transition, utilities, transport, and digital sectors across North and Latin America.
BNP Paribas
company · 9 deals
BNP Paribas is a global financial institution that provides financing and investment solutions across various sectors, including renewable energy. They support the development and deployment of renewable energy projects through project finance, advisory services, and capital markets solutions.
BofA Securities
company · 4 deals
BofA Securities is the global corporate and investment banking division of Bank of America, providing M&A advisory, debt and equity capital markets, and project finance services across all major infrastructure sectors worldwide. It leverages Bank of America's extensive balance sheet and global network to serve institutional clients.
MUFG
company · 6 deals
Mitsubishi UFJ Financial Group (MUFG) is a global financial group. They provide financial services, including banking, trust banking, and securities, and are involved in sustainability initiatives, including financing for projects that contribute to a carbon-neutral society.
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Deal 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.
- $760 million total financing for the operating Gemini Solar + Storage Project in Nevada.
- Comprises a $600 million private placement and a $160 million letter of credit facility.
- Refinances a 690 MWac solar and 380 MWac / 1,496 MWh battery energy storage facility.
- Primergy Solar, as developer and owner, can reallocate capital from the operating asset to its significant North American project pipeline.
- Five major financial institutions (KeyBanc, MUFG, SMBC Nikko, BNP Paribas, BofA Securities) acted as lenders.
- Latham & Watkins advised lenders, while Orrick, Herrington & Sutcliffe LLP advised the borrower.
Source Intelligence
KEY DETAILS
The refinancing provides long-term stability through a 24-year, fully amortizing Note financing, eliminating future refinancing risk. The Notes are also backed by a 10-year production tax credit transfer agreement. The deal achieved one of the lowest spreads for renewable project finance private placements in the last decade, with a weighted average life exceeding six years. Gemini is described as the largest co-located, single-phase project operating in the U.S.
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Deal Size
secured a landmark refinancing through a $600 million private placement of Senior Secured Notes (the “Notes”) together with a $160 million letter of credit facility
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Capacity
consists of 690 MWac of solar PV and 380 MWac of battery storage
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Location
Gemini is the largest co-located, single-phase project operating in the U.S. and consists of 690 MWac of solar PV and 380 MWac of battery storage. Since 2024, Gemini has delivered large-scale, reliable energy from its site in Clark County, Nevada.
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PPA Details
backed by stable cashflows from an existing 25-year power purchase agreement
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Financials
secured a landmark refinancing through a $600 million private placement of Senior Secured Notes (the “Notes”) together with a $160 million letter of credit facility
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Announcement
March 10, 2026
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COD
Since 2024, Gemini has delivered large-scale, reliable energy
PARTIES MENTIONED IN SOURCE
P
Primergy
borrower
"Primergy and Quinbrook announced today that the Gemini Solar + Storage Project (‘Gemini’) has secured a landmark refinancing"
Q
Quinbrook
investor
"Primergy and Quinbrook announced today that the Gemini Solar + Storage Project (‘Gemini’) has secured a landmark refinancing"
B
BofA Securities, Inc.
lender
"BofA Securities, Inc., KeyBanc Capital Markets, and MUFG Securities Americas Inc. acted as Lead Placement Agents on the Notes, and their affiliates acted as Issuing Banks on the letter of credit facility."
K
KeyBanc Capital Markets
lender
"BofA Securities, Inc., KeyBanc Capital Markets, and MUFG Securities Americas Inc. acted as Lead Placement Agents on the Notes, and their affiliates acted as Issuing Banks on the letter of credit facility."
M
MUFG Securities Americas Inc.
lender
"BofA Securities, Inc., KeyBanc Capital Markets, and MUFG Securities Americas Inc. acted as Lead Placement Agents on the Notes, and their affiliates acted as Issuing Banks on the letter of credit facility."
B
BNP Paribas Securities Corp.
lender
"BNP Paribas Securities Corp. and SMBC Nikko Securities America, Inc. served as Co-Agents on the Notes."
S
SMBC Nikko Securities America, Inc.
lender
"BNP Paribas Securities Corp. and SMBC Nikko Securities America, Inc. served as Co-Agents on the Notes."
O
Orrick, Herrington & Sutcliffe LLP
legal_counsel
"Primergy was advised by Orrick, Herrington & Sutcliffe LLP."
L
Latham & Watkins LLP
legal_counsel
"Note purchasers and the letter of credit facility banks were advised by Latham & Watkins LLP."
N
Note purchasers and letter of credit facility banks
lender
"Note purchasers and the letter of credit facility banks were advised by Latham & Watkins LLP."
high quality
Enriched Mar 10, 2026
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