'Ready to begin' | Financing locked in for US' largest-ever solar-plus-battery project

[Phenomenally Frantastic]

Investment house Quinbrook and development partner Primergy close $1.9bn in construction debt and tax equity financing for giant Gemini project in Mohave Desert

“From its site 53km (33 miles) northeast of Las Vegas, the project would be able to generate enough clean energy to power the city, the US’ 26th biggest conurbation and internationally renowned resort destination populated with mega casino-hotels.”

'Ready to begin' | Financing locked in for US' largest-ever solar-plus-battery project | Recharge

Investment house Quinbrook and development partner Primergy close $1.9bn in construction debt and tax equity financing for giant Gemini project in Mohave Desert

www.rechargenews.com

 

[seminole97]

Investment house Quinbrook and development partner Primergy close $1.9bn in construction debt and tax equity financing for giant Gemini project in Mohave Desert

“From its site 53km (33 miles) northeast of Las Vegas, the project would be able to generate enough clean energy to power the city, the US’ 26th biggest conurbation and internationally renowned resort destination populated with mega casino-hotels.”

'Ready to begin' | Financing locked in for US' largest-ever solar-plus-battery project | Recharge

Investment house Quinbrook and development partner Primergy close $1.9bn in construction debt and tax equity financing for giant Gemini project in Mohave Desert

www.rechargenews.com

What does ‘tax equity’ mean in this context?

Quinbrook and Primergy, one of its wholly owned portfolio companies, said Bank of America and Truist Bank provided $532m in tax equity, a commitment believed to be the largest single-asset tax equity solar financing ever completed in the US.

What is the plan/platform for storage?

 

[Joes Place]

What does ‘tax equity’ mean in this context?

Quinbrook and Primergy, one of its wholly owned portfolio companies, said Bank of America and Truist Bank provided $532m in tax equity, a commitment believed to be the largest single-asset tax equity solar financing ever completed in the US.

What is the plan/platform for storage?

Why are you so concerned?

This area is utterly screwed if Lake Mead cannot power the hydroelectric generators at Hoover Dam. Entire economy of Vegas disappears, forever. Building solar + battery is their ONLY chance to fulfill their energy-hungry city's needs in the long term. Unless they build a nuclear plant nearby.

 

[B1GDeal]

There is a couple of large solar fields out northwest of the city as you head toward Mesquite and also another SW of the city if you head toward Boulder City you can see it off to the south. I wouldn't be surprised if there aren't many more of these placed in the deserts out west in the coming years to power more than just Vegas.

 

[Herky T Hawk]

Why are you so concerned?

This area is utterly screwed if Lake Mead cannot power the hydroelectric generators at Hoover Dam. Entire economy of Vegas disappears, forever. Building solar + battery is their ONLY chance to fulfill their energy-hungry city's needs in the long term. Unless they build a nuclear plant nearby.

But, once Vegas disappears and with it the water consumption from the city, how much does Lake Mead come back?

 

[DavidHawk324]

What does ‘tax equity’ mean in this context?

Quinbrook and Primergy, one of its wholly owned portfolio companies, said Bank of America and Truist Bank provided $532m in tax equity, a commitment believed to be the largest single-asset tax equity solar financing ever completed in the US.

What is the plan/platform for storage?

Basically, the project ownership is structured so the banks providing the financing get the almost all of the tax credits associated with the project. Usually after the tax credits are all received, ownership flips to the project developer.