US solar developer Origis Energy has secured a US$136 million construction financing facility and conversion to term loan with financial group Mitsubishi UFJ Financial Group (MUFG) for a PV plant in Florida, US.
Currently under construction and nearly complete, the Rice Creek Solar project will have an installed capacity of 75MW and has been contracted by the Florida Municipal Power Agency (FMPA). The project is part of a municipal-backed solar initiative, with FMPA offtaking the power capacity of the plant, while Origins Energy will remain as the owner and operator of the project.
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This project is part of a 600MW solar PV portfolio that the FMPA, Origis Energy and municipal utilities in Florida have partnered with. The construction of the solar projects is carried out in two phases, with the first one including the Rice Creek Solar project. The second phase is expected to add 300MW of solar capacity with projects to be completed throughout 2025 and 2026.
The project is located near a recently decommissioned coal power plant, which would allow it to receive incentives from the Inflation Reduction Act (IRA). According to the company, the Rice Creek Solar is expected to qualify for an Energy Community Adder to investment tax credits (ITC), under IRA provisions.
Earlier this year Origis Energy secured US$317 million tax equity funding for solar projects in the US states of New Mexico and Mississippi, with a combined capacity of 350MW. The agreement leverages both the ITC and production tax credit incentives from the IRA provisions.
Similar to the Rice Creek Solar project, the project located in New Mexico – which is under construction – is built near a retired coal power plant.
In Mississippi, the developer secured US$344 million for a 200MW solar project with MUFG last December. The project is currently under construction and expected to be operational this spring. Moreover, it will be co-located with a 200MWh battery energy storage system.