Origis Energy, one of America’s leading renewable energy platforms, closed an upsizing amendment to their development finance facility doubling capacity to $750 million. With enhanced flexibility and increased capacity, the credit facility will support further expansion of its solar and energy storage project pipeline. This financing round follows a $375 million facility announced in May 2022.
The facility is widely regarded as the largest announced this year for a utility scale solar and storage development project pipeline. CIT, a division of First Citizens Bank, was the lead arranger. Leading lenders supporting the amendment and increasing their commitments included Santander, Deutsche Bank, HSBC, Rabobank, and Nomura. New entrants joining the syndicate include Truist Securities, Sumitomo Mitsui Banking Corp. (SMBC), KeyBank, Natixis and Société Générale.
“The recent passing of the Inflation Reduction Act invoking incentive stability, market demand for high quality clean energy generation and the strong Origis track record drove high interest in this financing round,” said Jamie Edwards, Managing Director, Finance & Accounting, Origis Energy. “The offering upsizes our 2022 facility by double, and was also oversubscribed. We thank CIT for their structuring creativity, Antin Infrastructure Partners for strong sponsor backing and the instititutions demonstrating their confidence in Origis. On behalf of the Origis team, and the customers who look to us to help deliver on their clean energy goals, we thank our existing financial partners and welcome the new members.”
Mike Lorusso, Managing Director and Group Head for CIT’s Power and Energy, unit said: “Proven teams with high quality projects are moving the clean energy transition forward. The Origis team is working to solve tomorrow’s challenges with solutions today and we are proud to continue to support their growth.”
Origis Energy is majority owned by funds managed by Antin Infrastructure Partners.
Latham and Watkins represented Origis Energy in the transaction. Norton Rose Fulbright acted as lender counsel.