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Origis Energy Acquires $344M for Innovative Solar and Storage Project - ESGNA Origis Energy Secures $344M Financing for Golden Triangle I

Origis Energy Acquires $344M for Innovative Solar and Storage Project

The transferability option in the Inflation Reduction Act (IRA) has been utilized in a groundbreaking financing agreement. This is channeled towards the funding of the construction and enduring operations of the Golden Triangle I solar plus storage project in Mississippi.

An announcement was made by Origis Energy, one of America’s topmost platforms for renewable energy and decarbonization solutions. They have successfully secured a $344 million construction financing facility and eventually, a conversion to a term loan with MUFG, a leading global financial institution. This is in aid of the Golden Triangle I solar plus battery energy storage project in Lowndes County, Mississippi.

The Golden Triangle I project, comprising a 200 megawatts AC (MWac) solar capacity and a 200 megawatt-hours (MWh) energy storage, is part of three renewable energy projects currently being constructed by Origis Energy in Mississippi. These projects collectively represent the most enormous solar plus battery energy storage installations in Mississippi. The projects, namely Golden Triangle I, Golden Triangle II, and Optimist, have an overall capacity of 550 MWac solar plus 600 MWh of battery energy storage. The earlier acknowledgement of constructing the projects were granted by Origis Energy. Aside dispatching clean energy and reinforcing grid resilience, the projects will also deliver at competitive rates under the Power Purchase Agreements enforced between Origis Energy and the Tennessee Valley Authority (TVA).

With the aid of this loan facility, Golden Triangle I will receive support during its construction and long-term operation stage. Upon the completion of construction, the financing will transition to a long-term instrument which will cater to the operational life of the project spanning over 25 years.

Moreover, the loan facility structure employs the transferability provision of the Inflation Reduction Act (IRA), aligning it ahead of commitments for tax equity financing.

“Our collaboration with the MUFG team has been exceptional. They proactively worked with us to discover innovative ways to maximize the IRA provisions and ensure the Golden Triangle I project executes as planned for TVA and its customers,” stated Vikas Anand, Chief Operating Officer & Chief Financial Officer at Origis Energy. Anand further added, “Golden Triangle I will produce enough power for approximately 57,000 homes, deliver grid resiliency and mitigate 291,000 metric tons of CO2 yearly. This project will propound economic benefits delivering in the region; we appreciate MUFG for their support and eagerly await the delivery of the project for TVA.”

In reciprocal excitement for the collaboration, Patrick Klein (Senior Originator on the Project Finance Americas team at MUFG and Golden Triangle I Transaction Lead), acknowledged: “We are thrilled to have affiliated with Origis on this construction financing facility and its conversion to a term loan. We are committed to supporting our clients’ developmental projects and business objectives, and we eagerly anticipate providing creative solutions to their financing needs.”

Original article: https://esgnews.com/origis-energy-secures-344m-in-financing-for-pioneering-solar-and-storage-project/

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