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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-summit-ridge-acquires-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Summit Ridge Energy, a solar project developer, </strong><a href="https://mercomcapital.com/summit-ridge-acquires-community-solar-projects-virginia/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of 19 community solar projects totaling 100 MW across the Commonwealth of Virginia</strong>. The acquired portfolio comprises projects spanning from Virginia’s southernmost border up to the Richmond and the D.C. metropolitan areas. The projects, expected to be operational by the end of 2024, will generate enough power to lower the energy bills for 12,600 homes across 16 counties.</p>
<p><strong>Primergy Solar, a solar and energy storage project developer, <a href="https://mercomcapital.com/primergy-secures-financing-for-100-mw-solar-project/" target="_blank" rel="noopener">secured</a></strong><strong> $300 million in debt and tax equity financing</strong> for the 100 MW Prairie Mist solar project in Arkansas. The Prairie Mist project debt financing includes a tax equity bridge loan, construction/term debt, and a letter of credit facility.</p>
<p><strong>SB Energy Global, a U.S.-based integrated renewable energy platform, has </strong><a href="https://www.mercomindia.com/sb-energy-2-4-billion-domestic-renewable" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $2.4 billion to support the development of renewable energy projects</strong> focusing on the domestic content utilization provision under the Inflation Reduction Act. The company will utilize part of the funds to develop a 1.3 GW portfolio of four utility-scale solar power projects.</p>
<p><strong>A $1.3 billion financing package for the Faraday Solar project, a 682.5 MW ground-mounted solar facility in Utah County, Utah, in the U.S., was </strong><a href="https://www.mercomindia.com/excelsior-energy-1-3-billion-solar-project-us" target="_blank" rel="noopener"><strong>closed</strong></a><strong> by Excelsior Energy Capital</strong>, a renewable energy infrastructure fund focused on middle-market investments in North America. The construction of the Faraday Solar project is in progress and is expected to start operating in Q3 2025.</p>
<p><strong>Sunlight Energy Investments, a subsidiary of Genie Energy, a retail and renewable energy solutions firm, </strong><a href="https://mercomcapital.com/sunlight-energy-acquires-solar-project-portfolio/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it had acquired a portfolio of 12 operating solar</strong> arrays totaling 9.4 MWdc from the project developer. The arrays supply power to on-site school facilities in Ohio and Michigan, and their production is covered under direct, long-term, fixed-price solar power purchase agreements.</p>
<p><strong>Adani Green Energy </strong><a href="https://www.mercomindia.com/adani-green-secures-follow-on-funding-1-3-billion" target="_blank" rel="noopener"><strong>announced</strong></a><strong> a follow-on funding of a $1.36 billion senior debt facility as part of its construction financing framework</strong>, enhancing the pool to $3 billion since the initial project financing. The financing will be a key enabler in developing a 2,167 MW renewable energy park in Khavda, Gujarat. The park is expected to accelerate the company’s vision of 45 GW operating capacity by 2030.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-leeward-secures-solar-and-wind-projects/" target="_blank" rel="noopener">brief</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Project Finance Brief: Summit Ridge Acquires 100 MW Community Solar Projects


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					</table><p><a href="https://primergysolar.com/" target="_blank" rel="noopener">Primergy Solar</a>, a U.S.-based utility-scale and distributed solar and storage company has entered a sole battery supply agreement with Contemporary Amperex Technology Limited (<a href="https://www.catl.com/en/" target="_blank" rel="noopener">CATL</a>) to develop a 690 MW solar and 1,416 MWh storage project called Gemini in Nevada in the United States.</p>
<p>Gemini will be one of the largest operational solar and storage projects in the U.S, worth a total of $1.2 billion.</p>
<p>Primergy, which has portfolios of over 8 GW of solar and battery energy storage projects in development, construction, and operations over 17 different states in the U.S., has completed a comprehensive procurement process and selected several globally leading equipment suppliers and construction partners for the Gemini project.</p>
<p>The company said it has designed an innovative direct coupling system for the project, aiming to maximize efficiency by teaming up with CATL’s storage system.</p>
<p>CATL will supply Primergy with EnerOne, a modular outdoor liquid cooling energy storage system with long service life, high integration, and a high degree of safety. EnerOne solutions utilize advanced lithium phosphate chemistry and hence have been selected for Gemini by Primergy for it meets the company’s requirements for safe and reliable operations at its sites.</p>
<p>With a cycle life of up to 10,000 cycles, the LFP (lithium ferro-phosphate) based battery product is expected to contribute to the safe and reliable operation of the Gemini project.</p>
<p>&#8220;CATL is a technology leader in the battery industry, and we are pleased to partner with them on the Gemini Project and showcase CATL&#8217;s advanced EnerOne storage solution,&#8221; said Ty Daul, Chief Executive Officer of Primergy Solar.</p>
<p>&#8220;The future of our country&#8217;s energy reliability and resiliency relies on the mass deployment of battery storage capacity that can supply consistent power back into the grid when it&#8217;s needed most,&#8221; he added.</p>
<p>According to a <a href="https://mercomindia.com/global-lithium-ion-battery-capacity-to-increase-five-fold/" target="_blank" rel="noopener">report</a> published by Wood Mackenzie, CATL led the expansion outlook, amongst the Chinese battery manufacturers, with an operating and planned capacity of 800 GWh by 2030.</p>
<p>APG, a Netherlands-based pension asset manager, <a href="https://mercomindia.com/project-finance-brief-apg-acquires-49-stake-in-gemini-solar-storage-project/">agreed</a> to acquire 49% equity ownership in the Gemini project from Quinbrook Infrastructure Partners, an investment manager focused exclusively on the new infrastructure needed for the energy transition, and its portfolio company Primergy.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Primergy Solar Partners with CATL for $1.2 Billion Solar+ Storage Project in the US

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