Lenders increased confidence in the prospects for solar and energy storage in the US following the passing of the Inflation Reduction Act has meant Origis Energy has been able to agree an increase to its development finance facility that will double capacity to $750 million.
The new credit facility will support further expansion of Origisâ€™ solar and energy storage project pipeline. This financing round follows a $375 million facility announced in May 2022.
Origis described the facility as the â€œlargest announced this year for a utility scale solar and storage development project pipelineâ€.
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 SociÃ©tÃ© GÃ©nÃ©rale.
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.