Primergy Solar has closed commitments for $350 million in tax equity financing for the 408 MW Ash Creek Solar project in Hill County, Texas.

This brings the total capital raised for the project to nearly $1 billion, says the company. Earlier this year, Primergy announced $588 million in project financing for construction of the project and secured a long-term power purchase agreement with Microsoft. 

The project is currently under construction and is expected to be operational next year.

“This level of successful tax equity financing in today’s ERCOT market is a testament to our team’s ability to develop best-in-class projects,” says Tim Larrison, CFO of Primergy. 

“Large-scale solar projects are essential for decarbonizing and increasing the resilience of our nation’s electric grid. We are pleased with the continued partnerships and the trust we receive from leading financial institutions and investors, which are essential to delivering clean energy to communities across America.”

The tax equity investment was led by a telecommunications company, with additional investment from Truist Bank. Primergy was advised by Latham & Watkins and Paragon Energy Capital. The telecommunications company and Truist Bank were advised by Milbank and Cornerstone Financial Advisors.

Ash Creek Solar was originally developed by Orion Power Generation, a joint venture between Orion Renewable Energy Group and Eolian. Primergy acquired the project in 2021.