Press Release

Quinbrook, Primergy Close $1.9 Billion Debt, Tax Equity Financing for Gemini Solar+Storage Project

OAKLAND, Calif., April 25, 2022 – Quinbrook Infrastructure Partners (‘Quinbrook”) and Primergy Solar (‘Primergy”), announced today the final close of a monumental financing deal of $1.9 billion in debt and tax equity financing for the Gemini Solar + Storage project. Gemini is a 690 MWac/966 MWdc solar PV and 380 MW/1,416 MWh battery storage project located in Clark County, Nevada, and is the largest single project of its kind to begin construction in the U.S.

The Gemini debt financing consists of $1.3 billion in credit facilities, including a construction/term loan, tax equity bridge loan and letter of credit facility. The Gemini financing includes $532 million in tax equity commitments, which is believed to be the largest single-asset tax equity solar financings ever completed in the U.S., provided by Truist Bank and Bank of America. The construction facilities were led by four coordinating lead arrangers, KeyBanc Capital Markets, Inc., MUFG Bank Ltd., Bank of America, N.A. and Norddeutsche Landesbank Girozentrale, New York Branch. The coordinating lead arrangers successfully syndicated the credit facilities to 19 lenders, and Quinbrook and Primergy arranged the $95 million mezzanine debt facility from Voya Investment Management.

David Scaysbrook, managing partner of Quinbrook said, “The Quinbrook and Primergy teams have been working diligently toward this day for many years. Gemini is an impressive project from any perspective and sets new benchmarks for both sustainable renewables development and meaningful ESG impact across job creation, environmental stewardship, emissions, and local community engagement. Our teams have overcome many challenges along the way and their hard work has enabled us to attract strong support from our customer NV Energy and a high caliber banking syndicate. Once operational, Gemini will showcase the many benefits of pairing large scale solar power with storage and will guide the way for many similar projects to come from the Primergy team.”

The close of the financing follows the recent completion of Gemini’s major equipment procurement and contractor selection after an extensive technical and supply chain evaluation process. Quinbrook and Primergy leveraged decades of collective renewable energy experience across their respective teams to navigate the complex development process and major equipment procurement for the project.

“The successful culmination of this financing is a testament to the discipline and dedication of our teams who are establishing leading best practices in sustainable renewable energy development and responsible procurement,” said Ty Daul, CEO of Primergy. “With the suppliers and contractors engaged and the financing secured, we are ready to begin construction on this unprecedented project. Our development philosophy, which we call the Gemini Model, takes a holistic and responsible approach that focuses on collaboration, community stakeholders and ecosystem management. We look forward to scaling this model on our many upcoming projects.

The Gemini project was developed by Primergy, a wholly owned portfolio company of Quinbrook. Once complete and operational in late 2023, Gemini will deliver renewable energy under a 25-year purchase agreement with NV Energy.

“We are proud to work with our partners at Quinbrook and Primergy to serve as left lead arranger for the Gemini Solar + Storage project,” said Aaron Klein, Manager Director, Utilities Power & Renewables at KeyBanc Capital Markets. “We provided capital in support of this marquee project ahead of this financing and look forward to its successful completion to provide renewable energy in Las Vegas.”

“This significant transaction demonstrates yet another major step forward in solar energy and storage in renewables development. Our commitment to the capital deployment in this space through tax equity, debt financing and hedging solutions, is an integral part of Bank of America’s broader $1.5 trillion sustainable finance target by 2030,” said Karen Fang, Global Head of Sustainable Finance at Bank of America.

“We are excited to support this watershed project in its progress toward completion, consistent with our mandate of deploying capital in renewable energy and sustainable infrastructure projects,” said Edward Levin, SVP and Co-Head Direct Infrastructure, Voya Investment Management.

Paragon Energy Capital served as the tax equity advisor and Orrick, Herrington & Sutcliffe was legal counsel to Primergy. Hunton Andrews Kurth provided tax equity legal counsel to Truist, Milbank LLP provided tax equity counsel to Bank of America, Allen & Overy provided legal counsel to Voya and Winston & Strawn LLP provided legal counsel to the lenders.

For more information on Primergy, please visit  For more information about the Gemini project, including simulations of the final project and details on the company’s environmental resource management, please