Origis Energy has secured $415 million in financing for its Swift Air Solar project in Ector County, which will supply clean power to Occidental (Oxy) and its subsidiary, 1PointFive. The funding is composed of $290 million in construction and term debt from Natixis Corporate & Investment Banking (CIB) and $125 million in tax equity from Advantage Capital.
Swift Air Solar to Power Direct Air Capture Technology
Set to begin commercial operations in mid-2025, the Swift Air Solar project will provide clean energy to the STRATOS Direct Air Capture (DAC) facility, a large-scale carbon removal plant under construction in the Permian Basin. Origis Energy will oversee the project’s construction, ownership, and operation.
Vikas Anand, CEO of Origis Energy, said: “This is an exciting project that aligns with our mission to supply decarbonisation solutions. We appreciate the strong support from Natixis CIB and Advantage Capital in making Swift Air Solar a reality.”
Nasir Khan, Managing Director at Natixis CIB, spoke to the financing’s significance. “This investment strengthens our commitment to renewable energy solutions that drive the global transition.”
Strong Financial Backing and Industry Expertise
Natixis CIB led the financing, managing construction and term debt while handling loan hedging and credit issuance. The firm has now committed nearly $1.8 billion to Origis projects. Advantage Capital contributed the $125 million in tax equity, underscoring its commitment to sustainable energy.
Tom Bitting, Managing Director at Advantage Capital, stated: “The Swift Air Solar project demonstrates what is possible when financial expertise and innovative technology come together.”
Legal advisors were instrumental in finalizing the financing. Latham & Watkins represented Origis Energy, while Milbank acted for Natixis CIB. A&O Shearman advised Advantage Capital, with local support from Reed Smith and Husch Blackwell.
Expanding the U.S. Renewable Energy Landscape
Origis Energy continues to expand its renewable portfolio, which includes 119 projects totaling 11.9 GW of solar and 9.2 GW of battery storage. Recent financing deals with MUFG and J.P. Morgan also demonstrate its growing impact.
Unlike some of its recent solar-plus-storage projects, Swift Air Solar will operate without co-located batteries, focusing purely on solar generation. The project advances the U.S. clean energy transition by providing sustainable power for industrial carbon capture.
With operations scheduled to begin in 2025, the Swift Air Solar project represents a major step in decarbonization efforts and strengthens Texas’s role as a leader in large-scale renewable energy development.