Narrative
Full Description
Project narrative
On April 21, 2022, financial close was reached on deal in which a syndicate of 25 lenders — including Bank of China (BOC) — entered into a $1.9273 billion USD syndicated loan facility agreement with Solar Partners XI, LLC and Gemini Class B LLC — Delaware-incorporated special purpose vehicles (SPV) of Quinbrook Low Carbon Power Fund and wholly-owned by Quinbrook Infrastructure Partners — for the 690 MW Gemini Solar Photovoltaic (PV) Power Plant and 380 MW Battery Storage Facility Project. This loan facility was divided into: a $172.9 million USD Letter of Credit tranche (maturity period of six years and seven months); a $482.1 million USD bridge facility tranche (maturity period of one year and ten months); a $532 million tax equity bridge facility; a $95 million USD mezzanine debt tranche; and a $645.3 million USD credit facility (maturity period of six years and seven months). BOC contributed to the $172.9 million USD Letter of Credit tranche, the $482.1 million USD bridge facility tranche, and the $645.3 million USD credit facility. AidData does not consider Letters of Credit to be flows. The following lenders also contributed to the $482.1 million USD bridge facility tranche and the $645.3 million USD credit facility tranche in addition to BOC: Amalgamated Investment Bank, Associated Bank, Bank of America, Bank of Montreal, BNP Paribas Fortis, Cadence Bank, Comerica Bank, Commerzbank Aktiengesellschaft, Crédit Agricole Group, DNB ASA, Fifth Third Bank, Huntington National Bank, KeyBanc Capital Markets, Metropolitan Life Insurance Company (MetLife), MUFG Bank, National Australia Bank, National Bank of Canada, Norddeutsche Landesbank Girozentrale (NordLB), PNC Bank, Regions Bank, Silicon Valley Bank, and Société Générale (SocGen). Record ID#105407 captures BOC's contribution to the $482.1 million USD bridge facility tranche. Each of the above lenders contributed $20.96 million USD to the tranche. Record ID#105408 captures BOC's contribution to the $645.3 million USD credit facility tranche. Each of the above lenders contributed $28.06 million USD to the tranche. Additionally, BofA Securities and Truist Bank provided the $532 million tax equity bridge facility. Four lead arrangers coordinated the construction facilities: KeyBanc, MUFG Bank, Bank of America, and NordLB. Voya Financial provided the $95 million USD mezzanine debt tranche; Quinbrook and Primergy arranged the $95 million mezzanine debt facility. The proceeds are to be used by the borrower for the construction of the 690 MW Gemini Solar PV power plant and 380 MW battery storage facility near Las Vegas, Nevada. The plant will consist of 2.5 million solar modules across 7,100 acres of federal land; it was set to become the world's largest solar and battery park. The Gemini project was developed by Primergy, a wholly owned portfolio company of Quinbrook. Kiewit Power Constructors is expected to render engineering procurement construction services for the solar PV power project. Maxeon Solar Technologies will be the supplier of the PV modules for the solar power project. The company is expected to install 1,800,000 modules at the site. Primergy has also agreed to a 25-year power purchasing agreement with NV Energy. On July 18, 2024, Quinbrook Infrastructure Partners and Primergy announced that the plant reached commercial operations.
Staff comments
1. AidData does not consider Letters of Credit to be flows. 2. The following organizations played the following roles in the deal: Paragon Energy Capital served as the tax equity advisor to Primergy; Orrick, Herrington & Sutcliffe provided legal counsel to Primergy; Hunton Andrews Kurth played tax equity legal counsel to Truist; Milbank LLP provided tax equity counsel to Bank of America; Allen & Overy played legal counsel to Voya; and Winston & Strawn LLP provided legal counsel to lender(s).