Primergy closes US$760 million refinancing for Gemini solar-plus-storage project

The US$760 million refinancing for the 690 MW solar and 380 MW battery storage Gemini project in Nevada represents a significant capital optimization for Primergy. As an Oakland-based developer, owner, and operator of utility-scale solar PV and battery storage, Primergy is adjusting the financial framework for this substantial hybrid asset. This refinancing likely provides more efficient capital for the Gemini project, potentially enabling Primergy to redeploy resources towards its significant pipeline of projects across North America. The integration of 690 MW of solar with 380 MW of battery storage positions Gemini as a robust asset, appealing to the syndicate of lenders by offering enhanced grid stability and revenue diversification in the US market. Quinbrook, a specialist investor focused on creative investing to accelerate cleaner energy, supports Primergy’s capital optimization for the Gemini project, aligning with its mandate in energy transition infrastructure. Quinbrook Infrastructure Partners, as the parent company, manages over $5 billion in assets under management, integrating this US$760 million refinancing within its lower carbon and renewable energy infrastructure portfolio. The lending syndicate, featuring BofA Securities, KeyBanc Capital Markets, and MUFG Securities Americas, signals strong institutional demand for large-scale US infrastructure assets. BofA Securities brings its global project finance expertise, while KeyBanc Capital Markets contributes its capital raising capabilities for infrastructure clients. MUFG Securities Americas, as the U.S. investment banking arm of Mitsubishi UFJ Financial Group, provides lending services for large-scale infrastructure, collectively affirming the robust financial backing available for hybrid projects in North America.