ESG Today writes that the company also signed a long-term energy purchase agreement with Microsoft, which will benefit from the whole power output of the project for its operations.

Ty Daul, CEO of Primergy, said that "the successful completion of this financing and a long-term PPA from Microsoft for Ash Creek is a testament to Primergy’s proven ability to creatively develop, finance, build, and operate large-scale renewables projects."

The currently-developed Ash Creek solar plant is anticipated to generate enough clean energy to power some 90.000 homes pear year and the project will also incorporate a 300 MW energy storage solution to ensure a constant supply of energy.

The solar project could be completed in one to one and a half years.

In 2021, Microsoft committed to procure 100% renewable energy to power its whole operations continuously from carbon neutral power sources by 2030, while the American technology company also pledged to become carbon-negative by the same year.