Origis Energy, a solar project developer, announced $415 million in financing to develop the 145 MW Swift Air solar project in Ector County, Texas. The funding package comprises construction, term debt, and tax equity financing.
The funding was provided by Natixis Corporate & Investment Banking (CIB) and Advantage Capital. Natixis CIB was the sole coordinating lead arranger, hedging bank, LC issuer, green loan coordinator, and administrative agent for the $290 million construction and term debt financing. Advantage Capital provided $125 million in tax equity financing for the project.
The Swift Air solar project is currently under construction and is expected to reach commercial operation in mid-2025. The project is under agreement with Occidental and its subsidiary, 1PointFive, to provide clean electricity for the Direct Air Capture facility, STRATOS, which is currently under construction and located in the Permian Basin.
Latham & Watkins served as the legal counsel to Origis Energy, while Milbank represented Natixis CIB, and A&O Shearman represented Advantage Capital in the transaction.
“This is an exciting project, helping to power the world’s first large-scale direct air capture plant. This directly aligns with our mission to supply decarbonization solutions,” said Vikas Anand, Chief Executive Officer of Origis Energy. “A big thank you to Natixis CIB and Advantage Capital for their partnership on Swift Air Solar.”
In December 2024, Origis Energy announced closing $533 million in a construction financing facility, bridge loan facility, and conversion to a term loan with MUFG, a global financial group.
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.
This month, Linea Energy, a renewable energy project developer sponsored by EnCap Investments, announced the closing of debt financing for its 109 MWdc Pineview solar project in Wilcox County, Georgia.
