Origis Energy, which is Miami-headquartered, has gone ahead and announced that it has secured $545 million in terms of project financing for a portfolio concerning Texas solar and energy storage assets.
Notably, the funding for Texas solar and energy storage assets, which has in it construction and term debt along with tax equity, is going to offer support for the completion of three utility-scale projects.
It is worth noting that the financing was provided by a consortium of lenders that includes the likes of Natixis Corporate & Investment Banking – CIB, MUFG as well as SMBC. The tax equity part of the deal has been committed by a major financial institution.
The funds are marked for three specific projects – the 200 MW Bluebonnet solar project,
150 MW solar plus 50 MW storage Lone Star facility, and an additional 100 MW solar plus 100 MW storage expansion. Apparently all three projects are most likely to reach commercial operation by 2026 end.
As per the chief executive officer of Origis Energy, Vikas Anand, “This financing reflects the continued confidence of the financial community in our ability to deliver high-quality, large-scale renewable energy infrastructure. Texas remains a critical market for our portfolio as we work to meet the surging demand for carbon-free electricity.”
Interestingly, Origis Energy was advised by Norton Rose Fulbright when it came to legal aspects of the transaction, whereas the lenders had been represented by Milbank LLP.
The announcement comes after a series of successful capital raises for Origis across the ERCOT market. The company at present has more than 4 GW of solar and storage when it comes to construction or near-term development throughout the United States, with an overall pipeline going beyond 25 GW.
Significantly, the energy that’s generated from the portfolio is mostly contracted via long-term Power Purchase Agreements – PPAs having municipal utilities along with corporate off-takers. Once functional, the projects are anticipated to generate electricity that’s enough to power the equivalent of almost 90,000 homes.
Origis, which was founded in 2008, has gone on to operate as a portfolio company of Antin Infrastructure Partners since 2021. Interestingly, the firm was recently ranked by S&P Global as one of the top five utility-scale solar developers in the U.S. through 2028.