Origis nabs credit facility for solar & energy storage development

Origis Energy, one of America's leading renewable energy platforms, has recently announced that it has obtained a credit facility for $375 million for its energy storage and solar development project pipeline.

The credit facility for the renewable energy industry includes letter of equipment financing and Credit fund for the growth of Origis and the countrywide presence of clean energy assets.

According to sources close to the development, CIT, a division of First Citizens Bank, along with HSBC, Nomura, Deutsche Bank, Rabobank, and Santander, are also the synchronizing lead arrangers of the facilities.

Jamie Edwards, Finance & Accounting Managing Director, Origis Energy, said that their company is excited to welcome the new financial partners. With their support, the firm will be placed to fast-track the growth of the development pipeline and protect crucial equipment required to meet customer's renewable energy requirements.

Being a structuring bank, CIT displayed determined leadership, bringing together a major roster of financial partners. The unit was oversubscribed, signifying the long-term opportunities and strong support for Origis in the renewable sector.

For the unversed, Origis is one of the major solar and energy storage development platforms in the United States. Its current 20+ gigawatt pipeline comprises distributed generation and utility-scale projects across solar plus storage, stand-alone storage, and solar technologies.

Its customers include some of the nation's biggest Investor Owned Utilities (IOUs), California Community Choice Aggregators (CCAs), state and municipal utilities, cooperatives, and large corporate energy buyers.

Mike Lorusso, Managing Director and Group Head for CIT's Power and Energy unit, said that as the most active clean energy inventors in the country, Origis was well-suited uniquely for financing of this kind.

The firm enjoys working with Origis closely to structure this pioneering financing and looks forward to the opportunities for supporting new endeavors in the future.

Source Credit - https://www.globenewswire.com/news-release/2022/05/03/2434659/0/en/Origis-Energy-Secures-Innovative-375-Million-Credit-Facility-for-Solar-and-Energy-Storage-Development-Pipeline.html

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