Primergy Solar Secures $75 Million in Financing

• Primergy Solar secures $75 million revolving credit facility from Rabobank
• This facility can be extended to $200 million
• The funding will support over 3.2 GW of solar PV and 2.3 GW of storage projects spread across 17 states in the US

US based utility-scale and distributed solar and storage company Primergy Solar announced that it will be receiving a $75 million revolving credit facility from Rabobank. This fund will be used to develop a pipeline of solar and storage projects.

Speaking about this, Chief Financial Officer at Primergy Tim Larrison said, "This facility will allow Primergy to continue to expand our project portfolio as we focus on developing large-scale solar and storage projects that deliver impactful decarbonization of power supplies in multiple U.S. regions and create positive financial impacts for local communities."

The financing, the company said, can be extended to $200 million, and is intended to support over 3.2 GW of solar photovoltaic and 2.3 GW of storage projects spread across 17 US states, each targeting to operate by 2026.

The company further added that its projects are characterized by a strong focus on responsible siting, which minimizes land disturbance and impacts on local flora and fauna.

Earlier this year, Primergy Solar had got into a $1.2 billion battery supply deal with Contemporary Amperex Technology Limited (CATL) for the 690 MW solar plus 1,416 MWh BESS Gemini project.

In November, Primergy submitted permit application with La Plata County in Colorado to develop 155 MW AC Hesperus Solar Project. (see North America PV News Snippets)