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Energy firm secures $588m to build huge Texas solar farm for Microsoft
12 March 2024
Image: joangasconcomas via AdobeStock - stock.adobe.com
Primergy Solar, which develops and operates utility-scale solar and storage projects, has secured $588 million to build a 408MW solar farm in Hill County, Texas.
The company has also signed a long-term power purchase agreement with Microsoft for the Ash Creek Solar project.
Utility-scale contractor Solv Energy will be the engineering, procurement and construction partner on the project, which will be built close to several existing fossil fuel plants.
Once completed, it is expected to generate enough carbon-free energy to power the equivalent of 90,000 homes per year. It will also feature 300MW battery storage on a site covering 3,480 acres.
The Ash Creek Solar project debt financing includes a construction loan, tax credit transfer bridge loan, and letters of credit.
The project was originally due to start construction in 2023 before becoming operational this year but is now set to become operational in 2025.
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