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In a significant move to advance industrial decarbonization, Origis Energy has successfully closed a $415 million financing package for its Swift Air Solar project located in Ector County, Texas. The funding will directly support the construction of the facility, which is contracted to provide renewable power to Occidental (Oxy) and its carbon capture subsidiary, 1PointFive.
How Origis Energy Raises $415M for Texas Swift Air Solar Project
The Swift Air Solar project is uniquely positioned to supply clean energy to the STRATOS Direct Air Capture (DAC) facility, a pioneering large-scale carbon removal plant currently under construction in the Permian Basin. This integration of renewable energy with cutting-edge carbon capture technology marks a critical step in developing sustainable industrial solutions. Origis Energy will manage the project’s entire lifecycle, including construction, ownership, and long-term operation, with commercial operations slated to commence in mid-2025.
“This is an exciting project that aligns with our mission to supply decarbonisation solutions,” said Vikas Anand, CEO of Origis Energy. “We appreciate the strong support from Natixis CIB and Advantage Capital in making Swift Air Solar a reality.”
A Breakdown of the Financial Partnership
The financing is comprised of two key components: $290 million in construction and term debt led by Natixis Corporate & Investment Banking (CIB) and $125 million in tax equity provided by Advantage Capital. Natixis CIB served as the lead arranger, managing the debt, loan hedging, and credit issuance, bringing its total financing commitments to Origis projects to nearly $1.8 billion.
Nasir Khan, Managing Director at Natixis CIB, noted the deal’s strategic importance, stating, “This investment strengthens our commitment to renewable energy solutions that drive the global transition.”
Advantage Capital’s investment highlights a growing focus on sustainable infrastructure. “The Swift Air Solar project demonstrates what is possible when financial expertise and innovative technology come together,” commented Tom Bitting, Managing Director at Advantage Capital.
Project Development and Future Outlook
The transaction was supported by a team of legal experts, with Latham & Watkins representing Origis Energy, Milbank advising Natixis CIB, and A&O Shearman counseling Advantage Capital. Reed Smith and Husch Blackwell provided local counsel.
The Swift Air facility is a standalone solar generation plant, operating without co-located battery storage. It adds to Origis Energy’s expansive U.S. portfolio, which now includes 119 projects representing 11.9 GW of solar and 9.2 GW of energy storage. This project not only bolsters Texas’s status as a renewable energy leader but also establishes a powerful model for using solar power to support the energy transition in heavy industry.
Sources
- Origis Energy Secures $290 Million Financing for Solar Projects
- Origis Energy Announces $545 Million Financing for Texas Solar Portfolio
- Origis Energy Closes $290 Million Financing for Swift Air Solar II and III Projects
- Origis Energy Closes $415M Funding Package for Texas-Sited Swift Air Solar
- Origis Energy Secures $415M for Texas Swift Air Solar Project Supporting Direct Air Capture
- Origis Energy Powers West Texas With a $290 Million Solar Deal
- Origis Energy fully commissions 500MWdc Swift Air Solar complex
- Origis Energy Announces $545 Million Financing for Texas Solar Portfolio
- Origis developing 413-MW West Texas solar portfolio
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