Origis Energy, the provider of a vertically integrated renewable energy platform and a solar project developer, announced the close of $71 million in tax equity financing for the development of 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, Florida, and it is contracted with the Florida Municipal Power Agency (FMPA) for 12 of its participating member municipal utilities.
Rice Creek Solar Project is the third solar site in the Florida Municipal Solar Project. It comprises 213,000 solar panels generating enough clean power for approximately 14,000 homes, according to Origis Energy.
“U.S. Bank’s expertise and commitment to the renewable energy market is helping us realize our large solar portfolio. Rice Creek is another example of their support empowering us to scale effectively and bring clean energy projects online,” said Vikas Anand, Chief Executive Officer of Origis Energy. “We applaud FMPA for adding more cost-effective energy resources to meet the growing electricity demand of millions of Floridians, and U.S. Bank for supporting the project.”
Latham & Watkins represented Origis Energy in the transaction, with Akerman serving as Local Counsel. Sheppard Mullin acted as U.S. Bank’s Counsel, with Balch & Bingham serving as Local Counsel.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
This week, Matrix Renewables, a global renewable energy company, signed a €50 million (~$54.74 million) green loan with the European Investment Bank (EIB) to support the development and construction of five solar projects located in Castilla y Leon and Extremadura, Spain. The projects have a total installed capacity of 240 MW.
