Global Infrastructure SherpaGemini Solar + Storage Project Secures $600 Million Bond Refinancing and $160 Million Letter of Credit Facility
Primergy and Quinbrook have successfully closed a landmark $600 million private placement of Senior Secured Notes, coupled with a $160 million letter of credit facility, for the Gemini Solar + Storage Project. This refinancing provides long-term stability for the 690 MWac solar PV and 380 MWac battery storage facility, eliminating future refinancing risk through a 24-year, fully amortizing Note financing. The deal, backed by an existing 25-year power purchase agreement and a 10-year production tax credit transfer agreement, achieved one of the lowest spreads for renewable project finance private placements in the last decade, underscoring investor confidence in Primergy's operational capabilities and the project's proven reliability.
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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.
"Primergy and Quinbrook announced today that the Gemini Solar + Storage Project (‘Gemini’) has secured a landmark refinancing"
"Primergy and Quinbrook announced today that the Gemini Solar + Storage Project (‘Gemini’) has secured a landmark refinancing"
"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."
"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."
"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."
"BNP Paribas Securities Corp. and SMBC Nikko Securities America, Inc. served as Co-Agents on the Notes."
"BNP Paribas Securities Corp. and SMBC Nikko Securities America, Inc. served as Co-Agents on the Notes."
"Primergy was advised by Orrick, Herrington & Sutcliffe LLP."
"Note purchasers and the letter of credit facility banks were advised by Latham & Watkins LLP."
"Note purchasers and the letter of credit facility banks were advised by Latham & Watkins LLP."
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