Origis Energy, a vertically integrated renewable energy platform provider and solar project developer announced closing $533 million in a construction financing facility, bridge loan facility, and conversion to a term loan with MUFG, a global financial group. Latham & Watkins advised Origis Energy, while Milbank served as the legal counsel for MUFG in the transaction.
The funding will support the development of 200 MWac of solar for the Optimist solar + storage project, which includes 50 MW of energy storage located in Clay County, Mississippi, and the 150 MWac Wheatland Solar in Knox County, Indiana.
The Optimist solar project is expected to reach completion in late 2025, while the Wheatland solar project is scheduled for operation in early 2026. Origis Energy is the builder, owner, and operator of the projects.
“Our alliance with MUFG continues to move Origis projects forward in a time of unprecedented energy demand. Optimist and Wheatland will power the equivalent of over 100,000 homes annually. The storage component in Mississippi will add resiliency to the grid,” said Vikas Anand, Chief Executive Officer of Origis Energy. “MUFG financing is helping us deliver affordable clean energy, fueling economic growth and job creation.”
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
In August, the company also announced the closure of $71 million in tax equity financing to develop the 75 MW Rice Creek Solar project in Florida. The tax equity financing was secured from U.S. Bank subsidiary U.S. Bancorp Impact Finance, a renewable energy investor. The Rice Creek Solar project is located in Putnam County.
