#United States #Origis Energy #Ector County, Texas #Texas Solar #Swift Air

Origis Energy Secures $290 Million Financing for Swift Air Solar Projects

Introduction

Origis Energy, a notable player in the renewable energy sector in the United States, has recently announced the successful closure of financing for its Swift Air Solar II and III projects. With an impressive combined capacity of 313 MWdc, these projects are based in Ector County, Texas, representing a significant step toward sustainable energy generation.

Financing Overview

The financing package amounts to $290 million and includes various forms of capital such as construction and term debt, in addition to a tax credit bridge loan. Renowned financial institutions Natixis Corporate Investment Banking (Natixis CIB) and Santander Corporate Investment Banking (Santander) played pivotal roles as lead arrangers and bookrunners for this financing agreement. Natixis CIB also undertook the responsibilities of a green loan coordinator and administrative agent for the financing package.

Project Details

The Swift Air Solar II and III projects are slated to begin commercial operations in the fourth quarter of 2025. The energy generated, along with renewable energy credits, will be sold to Occidental Power (Oxy), based in Houston. Under two power purchase agreements spanning 15 years, these projects will support the Direct Air Capture (DAC) facility named STRATOS that is currently under development in the Permian Basin. Earlier this year, Origis began commercial operations for the Swift Air Solar I project, which is similarly contracted with Oxy.

Origis Energy is responsible for the construction, ownership, and operation of both Swift Air Solar II and III. These two solar facilities mark the initial phase of a larger endeavor aimed at creating a 600 MW solar complex in Ector County, with three additional projects expected to garner Full Notice to Proceed by year-end.

Corporate Statements and Future Outlook

Alice Heathcote, Chief Financial Officer of Origis Energy, expressed enthusiasm over achieving this financing milestone, indicating its importance in advancing the company's capacity to operationalize over 3 GW of contracted assets by the conclusion of 2026. She extended gratitude to Natixis CIB and Santander for their enduring partnership in these transactions.

The financing of Swift Air Solar II and III marks the first project financing jointly led for Origis by Natixis CIB and Santander, showcasing a strong collaborative relationship that was previously established when the financial institutions supported a $750 million construction warehouse facility for Origis in August 2023.

Natixis CIB’s head of Real Assets Global Trade Americas, Nasir Khan, highlighted their commitment to working together on future transactions, recognizing Origis and Antin as significant clients. Similarly, Andrew Platt, Head of Energy Structured Finance Advisory US at Santander, reiterated their dedication to accelerating the energy transition alongside Origis.

Legal Advisors

In terms of legal representation, Origis Energy was supported by Latham & Watkins and Reed Smith, while the lenders were represented by Milbank, with Husch Blackwell providing local counsel.

About Origis Energy

Origis Energy is at the forefront of the drive toward a carbon-free future, embodying the philosophy of Reimagining Zero℠. As one of America’s leading platforms for renewable energy and decarbonization solutions, Origis is determined to expand its contributions towards achieving global net-zero targets. The company focuses on deploying a diverse range of sustainable solutions for grid power generation, performance optimization, and the long-term operation of solar and energy storage plants across the United States. To learn more, visit www.origisenergy.com.