Latham & Watkins Advises Primergy in US$350 Million Tax Equity Financing for Texas Solar Project

Primergy Solar, LLC (Primergy), a leading developer, owner, and operator of utility-scale solar and energy storage projects, announced it closed commitments for US$350 million in tax equity financing for the 408 MWac Ash Creek Solar project in Hill County, Texas. This brings the total capital raised for the Ash Creek Solar project to nearly US$1 billion. Earlier this year, Latham advised Primergy on US$588 million in project financing for construction of the project and a long-term power purchase agreement. The Ash Creek Solar project is currently under construction and is expected to be operational in early 2025.

Latham & Watkins LLP represented Primergy in the transaction with a project development and finance team led by San Diego partner Omar Nazif and Los Angeles counsel Stephen Yeh, with associates Ashley Pappenfus, Herminio Rivera, and Kyle Pascucci. Advice was also provided on tax matters by New York partners Eli Katz and Eric Kamerman, with associate Jacob Nagelberg; on environmental matters by Los Angeles/Houston partner Joshua Marnitz, with associate Phil Goldberg; on regulatory matters by Washington, D.C. partner Natasha Gianvecchio and Washington, D.C. counsel Anna Biegelsen; and on insurance matters by Los Angeles partner Drew Levin and San Diego/Los Angeles counsel Hannah Cary.