US developer Origis Energy has secured a loan that will help it progress with its pipeline of more than 20GW of PV, solar-plus-storage and standalone storage projects.
The US$375 million oversubscribed credit facility bundles letter of credit and equipment financing. CIT, a division of First Citizens Bank, as well as Deutsche Bank, HSBC, Nomura, Rabobank and Santander were coordinating lead arrangers of the facilities.
Jamie Edwards, managing director of finance and accounting at Origis Energy, said that with the support of its new financial partners, the developer is “positioned to accelerate the growth of our development pipeline and secure the critical equipment necessary to meet our customers’ renewable energy needs”.
Headquartered in Miami, Florida, Origis has developed more than 4GW of solar and energy storage capacity. It also provides EPC, operations, maintenance and asset management services in the US.
The developer has secured a pair of module supply deals in the last two months: one with Maxeon Solar Technologies for 400MW of modules and another with First Solar for 750MW.
Last year, funds managed by private equity firm Antin Infrastructure Partners acquired a majority stake in Origis Energy from the developer’s CEO, Guy Vanderhaegen, and life insurance company Global Atlantic Financial Group.
On the credit facility deal, Antin senior partner Kevin Genieser said: “This transaction further highlights the well-capitalised company’s ability to deliver on its project pipeline.”
Other financing deals of note last month saw independent power producer Cypress Creek Renewables close a US$450 million debt facility to fund the growth of its solar and storage pipeline in the US while investment fund Quinbrook Infrastructure Partners closed a US$1.9 billion financing deal for solar-storage project in Nevada.