The company said this financing round followed a US$375 million credit facility announced in May 2022, claiming it was the largest credit facility announced this year for a utility-scale solar and storage development project pipeline.
First Citizens Bank’s division CIT was the lead arranger, with other lenders including Santander, Deutsche Bank, HSBC, Rabobank and Nomura, to name a few.
“The offering upsized our 2022 facility by double and was also oversubscribed. The recent passing of the Inflation Reduction Act invoking incentive stability, market demand for high-quality clean energy generation and the strong Origis track record drove high interest in this financing round,” said Jamie Edwards, managing director of finance and accounting at Origis Energy.
Meanwhile, Origis Energy signed a supply agreement for more than 700MW of bifacial PERC PV modules from manufacturer Boviet Solar Technology last year.
Origis Energy ordered Boviet Solar’s Vega Series 550W PERC monocrystalline bifacial PV modules for its US utility-scale solar projects, with delivery expected in 2023. It was the second agreement that Origis made last year after it signed a 400MW supply agreement with Maxeon Solar, again for utility-scale projects and with delivery starting in June 2023.