Origis Energy, a US renewable energy and decarbonisation solution provider, has successfully closed financing for its Swift Air Solar project in Ector County, Texas. The $415 million funding package includes construction, term debt, and tax equity financing, secured through Natixis Corporate & Investment Banking (CIB) and Advantage Capital.
Natixis CIB played a pivotal role as the sole coordinating lead arranger, hedging bank, LC issuer, green loan coordinator, and administrative agent for the $290 million construction and term debt financing. Meanwhile, Advantage Capital contributed $125 million in tax equity for the project.
Currently under construction, the Swift Air Solar project is set to begin commercial operations in mid-2025. The project is under an agreement with Houston-based Occidental (Oxy) and its subsidiary, 1PointFive, to supply zero-emission solar power for the Direct Air Capture (DAC) facility, STRATOS, which is being built in the Permian Basin. Origis Energy is the builder, owner, and operator of Swift Air Solar.
“This is an exciting project, helping to power the world’s first large-scale direct air capture plant,” said Vikas Anand, CEO of Origis Energy. He also expressed gratitude to Natixis CIB and Advantage Capital for their partnership in the project.
The Swift Air Solar financing represents the third collaboration between Origis Energy and Natixis CIB, following the $750 million construction warehouse facility and an upsize of a development facility earlier in 2023.
Natixis CIB’s Managing Director, Nasir Khan said, “This financing reinforces our commitment to financing renewable energy solutions that drive the global energy transition.” Similarly, Tom Bitting, Managing Director at Advantage Capital, highlighted the impact of projects like Swift Air Solar in accelerating the clean energy transition.
Latham & Watkins represented Origis Energy in the transaction, while Milbank represented Natixis CIB and A&O Shearman represented Advantage Capital. Local counsel included Reed Smith for Origis and Husch Blackwell for Natixis CIB and Advantage Capital.
