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CIT, Deutsche Bank, Others Co-Lead $375MM Credit Facility for Origis Energy

May 04, 2022, 07:48 AM
Filed Under: Energy

Origis Energy, one of America’s leading renewable energy platforms, closed 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.

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