Origisย Energy, which isย Miami-headquartered,ย 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 theย financing was provided by a consortium of lenders that includes the likes ofย Natixis Corporateย & Investment Banking – CIB,ย MUFG as well asย SMBC. The tax equityย part of the deal has beenย committed by a major financial institution.
The funds are markedย for three specific projects – the 200 MW Bluebonnet solar project,
150 MW solar plus 50 MW storage Lone Star facility, andย anย additionalย 100 MW solar plus 100 MW storage expansion. Apparently all three projects are most likely to reach commercial operation by 2026 end.
As per theย chief executive officer ofย Origisย Energy,ย Vikas Anand,ย โThis 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.โ
Interestingly, Origisย Energy was advised by Norton Rose Fulbright when it came to legal aspects of the transaction, whereas theย lenders had been represented by Milbankย LLP.
Theย 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 thatโs generated from the portfolio is mostly contracted via long-term Power Purchase Agreements – PPAs having municipal utilities along with corporateย off-takers. Once functional, the projects are anticipated to generate electricity thatโs enough to power the equivalent of almost 90,000 homes.
Origis, which wasย founded in 2008,ย 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.