Origis Energy Secures $375 Million Credit for Solar, Storage Projects

Origis Energy Secures $375 Million Credit for Solar, Storage Projects

Origis Energy has announced the close of a $375 million credit facility for its solar and energy storage development project pipeline. This innovative facility for the renewable energy industry bundles Letter of Credit and equipment financing to fund the growing presence of Origis in clean energy assets. CIT, a division of First Citizens Bank, along with Deutsche Bank, HSBC, Nomura, Rabobank, and Santander were coordinating lead arrangers of the facilities.

Origis Energy is one of the leading renewable energy platforms in the US. Jamie Edwards, Managing Director, Finance & Accounting, Origis Energy, said, “Origis Energy is pleased to welcome our new financial partners. 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. As structuring bank, CIT demonstrated persistent leadership, bringing together a leading roster of financial partners. The facility was oversubscribed, demonstrating strong support for Origis and the long-term opportunities in the renewable sector.”

Origis Energy currently has more than 20 GW of renewable energy pipeline. This pipeline mainly consists of utility-scale and distributed generation projects across solar, solar plus storage, and stand-alone storage technologies. Origis clients include some of America’s largest Investor Owned Utilities (IOUs), state and municipal utilities, California Community Choice Aggregators (CCAs), cooperatives, and large corporate energy buyers.

Mike Lorusso, Managing Director and Group Head for CIT’s Power and Energy unit, said, “As one of the most active renewable energy developers in the country, Origis was uniquely suited for a financing of this type. 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 an infrastructure investment firm, acquired a majority stake in Origis Energy recently. Kevin Genieser, Senior Partner at Antin said, “Origis Energy has proven to be an industry leader that continues to innovate in the fast-changing U.S. solar and energy storage markets. This transaction further highlights the well-capitalized company’s ability to deliver on its project pipeline for customers and advance the transition to a low carbon economy.”

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