American developers Quinbrook Infrastructure Partners and Primergy Solar have announced financial close for its Gemini project in Nevada. It consists of a 966MW solar power plant with an adjacent 380MW energy storage facility.
The companies have secured almost US$2bn in debt and tax equity for Gemini’s development. The US$1.3bn debt financing is related to credit facilities such as construction loan, tax equity bridge loan and letter of credit facility.
Other US$532m in tax equity commitments were provided by the Truist Bank and Bank of America.
Gemini’s start-up is scheduled for 2023, after which the plant will provide energy through a 25-year power purchase agreement (PPA) already established with NV Energy.
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