Origis Energy Finalizes $317 Million in Project Tax Equity Partnership with J.P. Morgan

Origis Energy, a prominent player in America’s renewable energy and decarbonization sector, has successfully secured $317 million in project tax equity funding from J.P. Morgan. This funding is designated for two significant projects: Escalante Solar in New Mexico and Golden Triangle II in Mississippi.

Escalante Solar, a 200 MWac solar plant, is currently under construction in the southwest for Tri-State Generation and Transmission Association and its member electric cooperatives. Set to come online in 2024, this project marks a transition from the former coal-fired Escalante Station to clean energy. The milestone of over 250,000 solar panels installed at the site has recently been achieved.

Meanwhile, Golden Triangle II, a 150 MWac solar project with 50 MW/4 HRs of energy storage, is also slated for completion in 2024. Part of Origis Energy’s portfolio in Mississippi, it contributes to the state’s largest solar plus storage deployment. Both projects have Power Purchase Agreements with the Tennessee Valley Authority (TVA) to provide clean energy and grid resiliency at competitive rates.

Vikas Anand, Chief Operating Officer & Chief Financial Officer at Origis Energy, emphasized the significance of the collaboration with J.P. Morgan, highlighting its contribution to achieving customer objectives for decarbonization and grid resiliency.

The tax equity agreement capitalizes on the Investment Tax Credit (ITC) and the Production Tax Credit (PTC) incentives provided by the Inflation Reduction Act. While the ITC is utilized for Golden Triangle II, the PTC provision is applied for Escalante Solar.

These projects are part of Origis Energy’s broader plan, which includes a $750 million Construction Financing Facility announced in August 2023. This initiative aims to fund approximately 2 gigawatts of project capacity across 15 states over the next three years.

Legal representation for Origis Energy was provided by Norton Rose Fulbright, while Hunton Andrews Kurth LLP acted as counsel for J.P. Morgan in the transaction.