US solar developer Origis Energy has secured US$344 million from Japanese financial group Mitsubishi UFJ Financial Group (MUFJ) for a 200MW solar project in Mississippi, the US.
The Golden Triangle I project, co-located with a 200MWh battery energy storage system (BESS), is one of three Origis Energy renewable energy projects under construction in the state. The loan facility, leveraging the transferability option in the Inflation Reduction Act (IRA), supported the Golden Triangle I project during construction and will fund the long-term operation of the project.
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According to Origis Energy, the three renewable energy projects — Golden Triangle I, Golden Triangle II and Optimist — will have a combined capacity of 550MWac solar and 600MWh battery energy storage. The company claimed that the projects will be the largest solar plus battery energy storage deployments in Mississippi.
Origis Energy signed power purchase agreements (PPAs) with Knoxville-headquartered power utility Tennessee Valley Authority for these projects at “competitive rates”.
Construction of the project began in October. Around 1.5 million solar modules will be deployed across the sites. Mitsubishi Power Americas will supply the battery storage systems. The Golden Triangle I project will be online in spring 2024.
Prior to the latest funding, Origis Energy obtained a US$750 million credit facility for its solar and energy storage development project pipeline in the US in March 2023. It also secured a US$375 million credit facility in May 2022.
The company also signed a supply agreement for more than 700MW of bifacial PERC PV modules from manufacturer Boviet Solar Technology last year.