Origis Energy, a prominent player in the American renewable energy landscape, has recently finalized a significant financial arrangement. A construction warehouse facility worth $750 million has been successfully closed, earmarked for funding the development of expansive solar and energy storage projects. These ventures are projected to amass an impressive combined capacity of around 2 gigawatts (GW) across 15 states in the span of the next three years.
The funding initiative follows a notable event in March 2023, where Origis Energy underwent an upsizing amendment for their existing $750 million development finance facility.
This newly secured warehouse facility will play a pivotal role in facilitating the construction of various solar, energy storage, and co-located solar plus storage projects. The anticipated timeline for project completion extends up to 2026. Notably, Power Purchase Agreements (PPAs) have been diligently secured for all assets, with a diverse client base encompassing both utility and corporate sectors.
Origis Energy has been consistently expanding its clean energy pipeline, an industry-leading initiative boasting an impressive portfolio of 18 GW of solar capacity and 36 GWh of storage capacity. Operating in 31 states thus far, the company has positioned itself as an active and influential contributor to the clean energy movement.
Guy Vanderhaegen, Chief Executive Officer & President of Origis Energy, emphasized the significance of this financing arrangement, highlighting its alignment with the company’s growth strategy fueled by burgeoning customer demand and legislative support such as the Inflation Reduction Act. Vanderhaegen expressed gratitude towards collaborating financial institutions including Santander, Rabobank, and Natixis for their continued partnership.
Santander Corporate and Investment Banking played a multifaceted role in the transaction, serving as the structuring agent, green loan coordinator, and coordinating lead arranger. Rabobank and Natixis Corporate & Investment Banking also played instrumental roles as coordinating lead arrangers, hedge providers, and letter of credit issuers.
This strategic financial move showcases Santander’s commitment to supporting green initiatives and unlocking Origis Energy’s promising future growth. Rabobank, renowned for its engagement in the food, agribusiness, and renewable energy sectors, and Natixis CIB, a global financial institution offering comprehensive services, are equally important contributors to this development.
Notably, Origis Energy is predominantly owned by Antin Infrastructure Partners-managed funds. Legal representation was provided by Latham and Watkins for Origis Energy, while Norton Rose Fulbright served as the lenders’ counsel in this transaction.