Gemini Solar + Storage Project Closes $600 Million Bond Refinancing

Primergy secures major U.S. energy project bond financing, bringing lifetime closed transactions to over $5 billion

OAKLAND, Calif., March 10, 2026 /PRNewswire/ -- Primergy and Quinbrook announced today that the Gemini Solar + Storage Project ('Gemini') has secured a landmark refinancing through a $600 million private placement of Senior Secured Notes (the "Notes") together with a $160 million letter of credit facility.  

Gemini is the largest co-located, single-phase project operating in the U.S. and consists of 690 MWac of solar PV and 380 MWac of battery storage. Since 2024, Gemini has delivered large-scale, reliable energy from its site in Clark County, Nevada.

The 24-year, fully amortizing Note financing provides long-term stability and eliminates future refinancing risk. The Notes are backed by stable cash flows from an existing 25-year power purchase agreement and a 10-year production tax credit transfer agreement. Through this refinancing, Gemini secured one of the lowest spreads of all renewable project finance private placement transactions over the past decade, with a weighted average life exceeding six years.

"This milestone refinancing is a definitive vote of confidence in Gemini, in Primergy's operational capabilities, and in the future of reliable, dispatchable solar energy supporting the American power grid," said Tim Larrison, Primergy Chief Financial Officer. "Gemini has successfully  demonstrated the long-term reliability expected by investors, utilities, and consumers. We value our continued collaboration with investors and appreciate their trust in the Primergy team to deliver world-class projects. We are excited to sustain this momentum as we continue to develop our portfolio of large-scale projects to meet America's growing power demand."

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. Primergy was advised by Orrick, Herrington & Sutcliffe LLP. Note purchasers and the letter of credit facility banks were advised by Latham & Watkins LLP.

About Primergy:

Primergy is a developer, owner, and operator specializing in utility-scale solar PV, battery storage, powered lands, and large load projects across the United States. The company manages a significant portfolio of operational and development-stage projects across major energy markets, including ERCOT, MISO, PJM, CAISO, WECC, and SERC. With a talented team bringing decades of expertise in energy project development, financing, construction, and operations, Primergy leads the industry in delivering innovative and sustainable energy solutions. Primergy is a portfolio company of Quinbrook and is the primary investment platform for Quinbrook's solar and solar plus energy storage activities in North America.

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SOURCE Primergy