Project Finance Brief: Origis Energy Secures $ 375 Million Credit Facility

From: Mercom Capital Group

Origis Energy, a vertically integrated renewable energy platform and a solar project developer, closed a $ 375 million credit facility for its solar and energy storage development project pipeline. The facility includes a letter of credit and equipment financing to fund the company’s clean energy projects. CIT, a division of First Citizens Bank, along with Deutsche Bank, HSBC, Nomura, Rabobank, and Santander, was coordinating lead arrangers of the facilities. The company owns a 20+ GW pipeline comprised of utility-scale and distributed generation projects across solar, solar plus storage, and stand-alone storage technologies.

Matrix Renewables, the TPG Rise-backed renewable energy platform, closed an $ 89 million long-term financing with Natixis for a 129 MW solar PV project in Almonte (Huelva), Spain. The financing has been certified as a Green Loan, aiming to promote sustainability and projects with clear environmental benefits. The project is expected to reach commercial operations by Q1 2023. This transaction finances a part of Matrix Renewables’ existing portfolio and footprint across Europe, the US, and Latin America.

Cypress Creek Renewables, a developer and operator of utility-scale and distributed solar and energy storage projects, closed a $ 125 million debt facility to expand its solar and storage project pipeline. Investec acted as a coordinating lead arranger for the facility, including Credit Agricole, East West Bank, National Bank of Canada, Norddeutsche Landesbank, Silicon Valley Bank, and Toronto-Dominion Bank. The debt financing comprises working capital loans and letters of credit, backed by a 1.6 GW portfolio of operating utility-scale and distributed solar projects. Kirkland & Ellis advised Cypress Creek Renewables on the transaction.

Verbund, an electric utility, has acquired a 4.6 GW portfolio of renewable projects in Spain from Q-Energy Group. The portfolio comprises 82 MW of a regulated and operational solar portfolio in Spain. The acquisition also includes 2,100 MW of wind and solar projects portfolio at an advanced stage of project development, while around 2,400 MW are greenfield projects. The projects are in the Castilla-La Macha region in Central Spain and Andalusia, Southern Spain. Q-Energy Group’s Q-Energy Private Equity, a fund manager for investment in renewable energy, manages these through its various funds.

NextEnergy Solar Fund, a renewable energy investment company, announced that it had signed a co-investment with NextPower III ESG for an investment of € 22.5 million (~ $ 23.7 million), taking a 13% stake in a 210 MW solar project currently under construction in Santarem, Portugal. The project is expected to be completed by Q2 2023. The project is expected to benefit from a long-term power purchase agreement to sell electricity upon completion. The co-investment will be funded using headroom available within the Company’s revolving credit facilities.

Through a wholly-owned subsidiary, Greenbacker Renewable Energy has acquired three pre-operational, utility-scale solar projects with the capacity of 50 MW located in Greene County, New York, from Hecate Energy, a US-based PV solar and battery storage project developer. The projects are expected to reach commercial operation by 2023 powering up 9,500 homes annually. All the projects have secured a long-term contract with an investment-grade off-taker, which will provide reliable long-term revenue to Greenbacker.

Capital Dynamics, an independent global private asset management firm, announced that Capital Dynamics’ Clean Energy business has acquired a 100% equity stake in the 18 MW Cliff solar PV project from Solar Ventures, an Italian solar project developer. The project is a shovel-ready, subsidy-free solar PV project located in Sicily, Italy that will begin construction this year and is expected to reach commercial operations in 2023. The project will be supported by a long-term power purchase agreement.

The Hamburg-based solar and wind project developer Blue Elephant Energy (BEE) has signed a purchase agreement for the acquisition of a portfolio of PV projects in Italy with a total capacity of 4 MW. The closing of the transaction is expected for the second quarter of 2022. The portfolio has been in operation since 2011. After the acquisition, BEE will implement technical optimization measures in the PV projects to ensure an operating life of another 30 years. As a result of the transaction, BEE’s operational portfolio in Italy will increase to 72 MW. In addition to the operational portfolio, BEE is currently developing PV projects with a capacity of more than 378 MW in Italy.

Theia Investments, a holding company, focused on the acquisition and management of renewable energy assets, completed the acquisition of two-vehicle companiesowning four solar projects for a total capacity of 22 MW, from NatPower, a renewable energy company. The projects are located in Piedmont and are currently under completion. Prothea advised NatPower on sale. Theia Investments was supported by L&B as a legal advisor.

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