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Origis Energy, a top renewable energy and decarbonization platform in the U.S., has successfully secured $415 million in financing for its Swift Air Solar project in Ector County, Texas. The funding includes both debt and tax equity from Natixis Corporate & Investment Banking (CIB) and Advantage Capital. Natixis CIB led the deal, managing the $290 million in construction and term debt financing, as well as playing a role in hedging, issuing letters of credit, coordinating the green loan, and overseeing the project’s financing. Advantage Capital is contributing $125 million in tax equity. The Swift Air Solar project is currently being built and is expected to begin commercial operations in mid-2025. It will provide clean solar energy to Occidental (Oxy) and its subsidiary, 1PointFive, for the STRATOS Direct Air Capture (DAC) facility under construction in the Permian Basin. Origis Energy will oversee the construction, ownership, and operation of the solar project. Vikas Anand, Chief Executive Officer, Origis Energy, stated “This is an exciting project, helping to power the world’s first large-scale direct air capture plant. This directly aligns with our mission to supply decarbonization solutions. A big thank you to Natixis CIB and Advantage Capital for their partnership on Swift Air Solar.” Nasir Khan, Managing Director, Head of Infrastructure & Energy Finance, Americas, mentioned, “Natixis CIB is proud to once again partner with Origis Energy on the innovative Swift Air Solar project. This financing, our third with Origis, reinforces our commitment to financing renewable energy solutions that drive the global energy transition. Swift Air’s clean energy contribution to the world’s first large-scale direct air capture plant is a perfect example of the type of innovative and impactful sustainable financing we are dedicated to providing.” Tom Bitting, Managing Director at Advantage Capital, commented, “The Swift Air Solar project highlights what can be achieved when capital, collaboration, and cutting-edge technology come together to drive meaningful impact. Investing in transformative renewable energy projects like this aligns perfectly with our mission to drive capital to initiatives that foster economic growth and environmental impact. We are proud to support Origis Energy in delivering this innovative clean energy solution, which contributes to accelerating the clean energy transition.” The funding for Swift Air Solar is the third deal between Origis and Natixis CIB. Previously, the two companies collaborated on Origis’ $750 million construction warehouse facility in August 2023 and an increase in the $750 million development facility in March 2023. Latham & Watkins represented Origis Energy in the deal. Milbank acted for Natixis CIB, while A&O Shearman represented Advantage Capital. Local legal support came from Reed Smith for Origis and Husch Blackwell for Natixis CIB and Advantage. |
