Origis Energy closed a $375 million credit facility for its solar and energy storage development project pipeline this week. This facility for the renewable energy industry bundles Letter of Credit and equipment financing to fund Origis’ clean energy assets.
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CIT, a division of First Citizens Bank, along with Deutsche Bank, HSBC, Nomura, Rabobank, and Santander were coordinating lead arrangers of the facilities.
“With their support, we are positioned to accelerate the growth of our development pipeline and secure the critical equipment necessary to meet our customers’ renewable energy needs,” said Jamie Edwards, Managing Director, Finance & Accounting, Origis Energy.
Also of note: the facility was oversubscribed. Origis has one of the largest solar and energy storage development platforms in the U.S, currently a pipeline of around 20 GW. Customers include some of the nation’s largest Investor Owned Utilities (IOUs), state and municipal utilities, California Community Choice Aggregators (CCAs), cooperatives, and large corporate energy buyers.
“As one of the most active renewable energy developers in the country, Origis was uniquely suited for a financing of this type,” said Mike Lorusso, Managing Director and Group Head for CIT’s Power and Energy unit. “We very much enjoyed working closely with them to structure this innovative financing and look forward to opportunities to support their future endeavors.”
Antin Infrastructure Partners, one of the world’s leading infrastructure investment firms, acquired a majority stake in Origis Energy in late 2021. Latham and Watkins represented Origis Energy in the transaction. Norton Rose Fulbright acted as lender counsel.
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