US renewable power operator Origis Energy has closed a US$415 million finance package for its 145MW Swift Air Solar project currently under construction in Texas.
Natixis Corporate and Investment Banking is providing US$290 million in construction and term debt financing, while Advantage Capital is delivering US$125 million in tax equity for the project. This is the third project on which Natixis and Origis have collaborated, and Natixis has now invested close to US$1.8 billion into Origis projects.
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“This is an exciting project, helping to power the world’s first large-scale direct air capture plant,” said Origis CEO Vikas Anand, referring to plans to sell power generated at the project to Occidental and 1PointFive’s STRATOS direct air capture facility in the Permian Basin, west Texas. “This directly aligns with our mission to supply decarbonisation solutions.”
The project is currently under construction in Ector County, and Origis expects to commission the project in March. The company has a total pipeline of 119 projects, with a combined solar capacity of 11.9GW and 9.2GW of batteries, and has signed a number of financing agreements in recent months to further expand its operations in the US.
This includes a deal with Japanese bank MUFG signed last December and an agreement reached with J.P. Morgan last October; while both of those deals were for solar-plus-storage projects, the Swift Air Solar project is not expected to have co-located batteries. Earlier this week, Origis commissioned a 75MW solar plant in Florida, part of the municipal-backed Florida Municipal Solar Project, which is expected to grow to a total capacity of 525MW.
