Origis Energy, a Miami based company, announced the close of a $750 million construction warehouse facility.
The facility will fund large-scale solar and energy storage project construction totaling approximately 2 gigawatts (GW) across 15 states over the next three years.
Today's announcement follows the March 2023 close of an upsizing amendment to the company's $750 million development finance facility.
The new warehouse facility will fund the construction of solar, storage and colocated solar plus storage projects, with expected completion dates up to 2026. Power Purchase Agreements, serving a variety of utility and corporate clients, have been secured on all assets. Origis is in development on an industry leading clean energy pipeline which currently stands at 18 GW of solar and 36 GWh of storage capacity. The company is active in 31 states to date.
"Origis is in an unprecedented growth cycle fueled by customer demand and the Inflation Reduction Act," said Guy Vanderhaegen, Chief Executive Officer & President, Origis Energy. "Advancing construction of our renewable energy pipeline is a top priority, one served by this new financing. The arrangement also demonstrates the continued trust of the financial community in our team. We thank Santander, Rabobank, and Natixis for their collaboration. Together we are delivering clean, cost-effective energy to our customers."
Santander Corporate and Investment Banking was the structuring agent, green loan coordinator and coordinating lead arranger. They were joined by Rabobank and Natixis Corporate & Investment Banking, who served as coordinating lead arrangers, hedge providers, and letter of credit issuers.
"Santander is very pleased to be supporting Origis with this strategic financing that will provide an efficient and innovative means of financing their project pipeline and help unlock the Company's future growth. This transaction is an example of Santander's ongoing commitment to the financing of green projects," said Andrew Platt, Head of Structured Finance US, Santander Corporate and Investment Banking.
Rabobank is a corporate and investment bank to the food and agribusiness industries and an energy transition leader through the renewable energy sector. Natixis CIB is a leading global financial institution that provides advisory, investment banking, financing, corporate banking and capital markets services to corporations, financial institutions, financial sponsors and sovereign and supranational organizations worldwide.
