Hot Pot & Iron Point

In Q2 2021, Primergy acquired two projects, Hot Pot and Iron Point, totaling 780 MWdc solar PV plus 480 MW 4-hour duration battery storage from US independent renewables developer Avangrid.

The projects are in the early to mid-development stages and are similar to Project Gemini in terms of scale. Both projects are located in Nevada and are in advanced stage negotiations with public utility company NV Energy for purchase under a Build Transfer Agreement (“BTA”). The projects are expected to be fully permitted and received Public Utility Commission of Nevada approval by the end of 2021 and are proposed to be transferred to NV Energy once built and operational in 2024 for a pre-determined profit to Primergy.

Given the similarities to Project Gemini in location, offtaker, timeline, technology and overall size, Quinbrook believes Primergy is well-positioned to extract meaningful value based on its experience of design and procurement, and overall knowledge of optimization opportunities obtained on-site and throughout development and construction activities.

Target Outcomes:

• 780 MW Output
• Designed to replace output from retiring Valmy coal plant with affordable renewable power
• Project will aim to hire from workers from retiring coal plant