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Origis Energy, America’s most prominent renewable energy platform, has announced that it has closed a $375million credit facility for its pipeline of solar and energy storage projects.
This unique facility for the renewable industry combines Letter of Credit with equipment financing to finance Origis’ nationwide growth in clean energy assets. CIT, a division at First Citizens Bank, was one of the lead arrangers.
Origis is home to one of the most advanced energy storage and solar development platforms in America. The 20+ gigawatt current pipeline is comprised of distributed generation projects, utility-scale, and large-scale solar and energy storage development platforms. Some of the largest Investor Owned Utilities in the country (IOUs), state, municipal utilities, California Community Choice Aggregators, CCAs, cooperatives, large corporate energy buyers, and other large corporations are among these customers.
Mike Lorusso (Managing Director and Group Head of CIT’s Power and Energy division) stated that Origis is one of the country’s most active renewable energy developers and was therefore uniquely qualified for financing this type of project. “We enjoyed working with them to arrange this innovative financing, and we look forward to future opportunities to support their endeavors.”
Kevin Genieser is Senior Partner at Antin. He said that Origis Energy has been an industry leader and continues to innovate in the rapidly-changing U.S. energy storage and solar markets. The transaction further demonstrates the company’s well-capitalized ability to deliver its projects to customers and help with the transition to low-carbon economies.
