Origis Energy, a leading U.S. platform for renewable energy and decarbonization, has secured $415 million in financing for its Swift Air Solar project located in Ector County, Texas.
Natixis CIB and Advantage Capital Financed the Solar Project
The funding package comprises a combination of debt and tax equity provided by Natixis Corporate & Investment Banking (CIB) and Advantage Capital. Natixis CIB took the lead on the deal, managing $290 million in construction and term debt financing, facilitating hedging, issuing letters of credit, coordinating the green loan and overseeing the overall project financing. Meanwhile, Advantage Capital is contributing $125 million in tax equity.
Nasir Khan, Managing Director, Head of Infrastructure & Energy Finance, Americas, mentioned, “Natixis CIB is proud to once again partner with Origis Energy on the innovative Swift Air Solar project. This financing, our third with Origis, reinforces our commitment to financing renewable energy solutions that drive the global energy transition. Swift Air’s clean energy contribution to the world’s first large-scale direct air capture plant is a perfect example of the type of innovative and impactful sustainable financing we are dedicated to providing.”
Swift Air Solar Project to Power STRATOS DAC Facility
The Swift Air Solar project is under construction; and it is anticipated to commence commercial operations by mid-2025. The project will supply clean solar energy to Occidental (Oxy) and its subsidiary — 1PointFive — to power the STRATOS Direct Air Capture (DAC) facility being developed in the Permian Basin. Origis Energy will manage the construction, ownership and operation of the solar project.
Origis & Natixis CIB Strengthen Partnership with Swift Air Solar Deal
The Swift Air Solar funding marks the third collaboration between Origis and Natixis CIB. Earlier partnerships included a $750 million construction warehouse facility in August 2023 and an expansion of the $750 million development facility in March 2023. Latham & Watkins represented Origis Energy in the transaction, while Milbank advised Natixis CIB and A&O Shearman acted on behalf of Advantage Capital. Local legal counsel was provided by Reed Smith for Origis and Husch Blackwell for Natixis CIB and Advantage.
Tom Bitting, Managing Director at Advantage Capital, remarked: “The Swift Air Solar project highlights what can be achieved when capital, collaboration and cutting-edge technology come together to drive meaningful impact. Investing in transformative renewable energy projects like this aligns perfectly with our mission to drive capital to initiatives that foster economic growth and environmental impact. We are proud to support Origis Energy in delivering this innovative clean energy solution, which contributes to accelerating the clean energy transition.”