Miami, May 03, 2022 (GLOBE NEWSWIRE) -- Origis Energy, one of America’s leading renewable energy platforms, today announced the close of a $375 million credit facility for its solar and energy storage development project pipeline. This innovative facility for the renewable energy industry bundles Letter of Credit and equipment financing to fund Origis’ growing, nationwide presence of clean energy assets. CIT, a division of First Citizens Bank, along with Deutsche Bank, HSBC, Nomura, Rabobank, and Santander were coordinating lead arrangers of the facilities.
“Origis Energy is pleased to welcome our new financial partners. With their support, we are positioned to accelerate the growth of our development pipeline and secure the critical equipment necessary to meet our customers’ renewable energy needs,” said Jamie Edwards, Managing Director, Finance & Accounting, Origis Energy. “As structuring bank, CIT demonstrated persistent leadership, bringing together a leading roster of financial partners. The facility was oversubscribed, demonstrating strong support for Origis and the long-term opportunities in the renewable sector.”
Origis has one of the largest solar and energy storage development platforms in the U.S. The current 20+ gigawatt pipeline consists of utility-scale and distributed generation projects across solar, solar plus storage, and stand-alone storage technologies. Customers include some of the nation’s largest Investor Owned Utilities (IOUs), state and municipal utilities, California Community Choice Aggregators (CCAs), cooperatives, and large corporate energy buyers.
“As one of the most active renewable energy developers in the country, Origis was uniquely suited for a financing of this type,” said Mike Lorusso, Managing Director and Group Head for CIT’s Power and Energy unit. “We very much enjoyed working closely with them to structure this innovative financing and look forward to opportunities to support their future endeavors.”
Antin Infrastructure Partners, one of the world’s leading infrastructure investment firms, acquired a majority stake in Origis Energy in late 2021.
Kevin Genieser, Senior Partner at Antin said, “Origis Energy has proven to be an industry leader that continues to innovate in the fast-changing U.S. solar and energy storage markets. This transaction further highlights the well-capitalized company’s ability to deliver on its project pipeline for customers and advance the transition to a low carbon economy.”
Latham and Watkins represented Origis Energy in the transaction. Norton Rose Fulbright acted as lender counsel.
About Origis Energy
Origis Energy is bringing clean and cost effective solar and energy storage solutions within reach for utility, commercial and industrial as well as public sector clients. The Origis team has worked to ensure the interests of all stakeholders are upheld in 170 projects worldwide totaling more than 4 GW to date of developed solar and energy storage capacity. Headquartered in Miami, FL, Origis Energy delivers excellence in solar and energy storage development, financing, engineering, procurement and construction (EPC) and operations, maintenance and asset management for investors and clean energy consumers in the U.S. Visit us at www.OrigisEnergy.com.
About CIT
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.
About Antin Infrastructure Partners
Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over €22 bn in Assets under Management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, telecom, transport and social infrastructure sectors. With a presence in Paris, London, New York, Singapore and Luxembourg, Antin employs over 165 professionals dedicated to growing, improving and transforming infrastructure businesses while delivering long-term value to portfolio companies and investors. Majority owned by its partners, Antin is listed on compartment A of the regulated market of Euronext Paris (Ticker: ANTIN – ISIN: FR0014005AL0)
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