Origis Energy, a vertically integrated renewable energy platform and a solar project developer, closed a $375 million credit facility for its solar and energy storage development project pipeline.
The facility comprises a letter of credit and equipment financing to fund the company’s clean energy projects. CIT, a division of First Citizens Bank, along with Deutsche Bank, HSBC, Nomura, Rabobank, and Santander, was coordinating lead arrangers of the facilities.
The company owns a 20+ GW pipeline comprised of utility-scale and distributed generation projects across solar, solar plus storage, and stand-alone storage technologies.
Customers include Investor Owned Utilities (IOUs), state and municipal utilities, California Community Choice Aggregators (CCAs), cooperatives, and large corporate energy buyers.
“Origis Energy is pleased to welcome our new financial partners. With their support, we are positioned to accelerate the growth of our development pipeline and secure the critical equipment necessary to meet our customers’ renewable energy needs,” said Jamie Edwards, Managing Director, Finance & Accounting, Origis Energy. The facility was oversubscribed, demonstrating strong support for Origis and the long-term opportunities in the renewable sector.”
Antin Infrastructure Partners, an infrastructure investment firm, acquired a majority stake in Origis Energy in late 2021. Latham and Watkins represented Origis Energy in the transaction. Norton Rose Fulbright acted as lender counsel.
Recently, Quinbrook Infrastructure Partners, an investment manager focused on renewables, storage, and grid support infrastructure investments, and Primergy, a developer, owner, and operator focused on both distributed and utility-scale solar PV and battery storage projects, have closed on a $1.9 billion in debt and tax equity financing for the Gemini solar plus storage project.
According to Mercom’s Q1 2022 solar funding and M&A report, announced large-scale project funding in Q1 2022 came to $9.1 billion in 36 deals.