Origis Energy secures $750 million construction warehouse financing

Origis Energy has closed a $750 million construction warehouse financing facility. The funding will be used to support large-scale solar and energy storage project construction totaling approximately 2 GW across 15 states over the next three years.

The announcement follows the announcement in March of an upsizing amendment to the company’s $750 million development finance facility.  

The new warehouse facility will fund the construction of solar, storage and co-located solar + storage projects, with expected completion dates up to 2026. Power Purchase Agreements, serving a variety of utility and corporate clients, have been secured on all assets. Origis is in development on 18 GW of solar and 36 GWh of storage capacity. The company is active in 31 states to date.  

“Origis is in an unprecedented growth cycle fueled by customer demand and the Inflation Reduction Act,” said Guy Vanderhaegen, CEO and president, Origis Energy. “Advancing construction of our renewable energy pipeline is a top priority, one served by this new financing. The arrangement also demonstrates the continued trust of the financial community in our team. We thank Santander, Rabobank, and Natixis for their collaboration. Together we are delivering clean, cost-effective energy to our customers.” 

Santander Corporate and Investment Banking was the structuring agent, green loan coordinator and coordinating lead arranger. They were joined by Rabobank and Natixis Corporate & Investment Banking, who served as coordinating lead arrangers, hedge providers, and letter of credit issuers. 

“Santander is very pleased to be supporting Origis with this strategic financing that will provide an efficient and innovative means of financing their project pipeline and help unlock the company’s future growth. This transaction is an example of Santander’s ongoing commitment to the financing of green projects,” said Andrew Platt, Head of Structured Finance US, Santander Corporate and Investment Banking. 

Rabobank is a premier corporate and investment bank to the food and agribusiness industries and an energy transition leader through the renewable energy sector. Natixis CIB is a leading global financial institution that provides advisory, investment banking, financing, corporate banking and capital markets services to corporations, financial institutions, financial sponsors and sovereign and supranational organizations worldwide. 

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 lenders’ counsel.