- Gemini project, which will build 690MW of solar and 380MW of the battery near Las Vegas
- Truist Bank and Bank of America also contributed USD 532 million in tax equity obligations.
- Kiewit Power Constructors Co was chosen as the EPC in March.
Quinbrook Infrastructure Partners’ portfolio business Primergy Solar LLC announced on Monday that it had secured USD 1.3 billion in the financing, including a construction/term loan, tax equity bridge loan, and letter of credit facility. The credit facilities were syndicated to 19 lenders by a group led by KeyBanc Capital Markets Inc, MUFG Bank Ltd, Bank of America, and Norddeutsche Landesbank Girozentrale. At the same time, Quinbrook and Primergy negotiated a USD-95 million mezzanine financing facility from Voya Investment Management.
Truist Bank and Bank of America also contributed USD 532 million in tax equity obligations.
The Gemini project will have a 690MW AC/966MW DC photovoltaic (park) with over 1.8 million modules and a battery storage capacity of 380MW/1,416MWh. The mega-complex will be built on 6,500 acres (2,630 hectares) of federal land in Clark County, with an estimated completion date of late 2023. Under a 25-year power purchase agreement, Gemini’s output will be sold to local utility NV Energy (PPA).
Kiewit Power Constructors Co (Kiewit), a subsidiary of Kiewit Corp, was chosen as the project’s engineering, procurement, and construction (EPC) contractor in March.