US solar power developer Origis Energy has established a US$750 million funding facility, that it plans to use to develop 2GW of large-scale solar and energy storage facilities in the US.
The new funding facility will support the construction of new solar and storage projects in 15 US states over the next three years. While Origis did not specify which projects would receive funding from this new pool, nor how the money would be split between solar and storage projects, it noted that it had signed power purchase agreements for “all assets”, suggesting that the developer already has plans in place for the construction of and offtake from the new facilities.
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“Origis is in an unprecedented growth cycle fuelled by customer demand and the Inflation Reduction Act,” said Guy Vanderhaegen, Origis president and CEO, drawing attention to the positive atmosphere around new solar investments in the US brought about by the act.
“Advancing construction of our renewable energy pipeline is a top priority, one served by this new financing,” added Vanderhaegen. “The arrangement also demonstrates the continued trust of the financial community in our team.”
Despite this focus on constructing new projects in the US, the funding facility is an international project. Spanish bank Santander served as the facility’s structuring agent, while French investor Natixis and Dutch multinational were the project’s lead arrangers, and follows Origis’ establishment of another funding project earlier this year.
The company operates more than 4GW of solar and storage facilities across the US, and is working to expand its portfolio further. In July, Origis announced plans to add 600MW of solar capacity to its portfolio in Florida, where the company is headquartered, alongside the Florida Municipal Power Agency and 20 municipal utilities.
Florida already boasts 11.7GW of solar capacity, the third-most among US states, and plans to add 12.8GW more capacity over the next five years according to the US Solar Energy Information Administration.