
Renewables company Origis Energy has closed a $415 million funding package for the Swift Air Solar project in Ector County, Texas. (Source: Shutterstock)
Renewables company Origis Energy has closed a $415 million funding package for the Swift Air Solar project in Ector County, Texas, Origis said in a Jan. 9 press release.
The funding includes construction, term debt and tax equity financing from Natixis Corporate & Investment Banking (CIB) and Advantage Capital.
Swift Air Solar, which is currently under construction, will enter commercial production in mid-2025, the company said.
The project is also under an agreement with Occidental Petroleum and its subsidiary 1PointFive to provide zero-emission solar power for the STRATOS direct air capture facility in the Permian Basin.
"This is an exciting project, helping to power the world's first large-scale direct air capture plant. This directly aligns with our mission to supply decarbonization solutions," said Vikas Anand, CEO of Origis Energy.
Natixis CIB acted as sole coordinating lead arranger, hedging bank, LC issuer, green loan coordinator and administrative agent for the $290 million construction and term debt financing. Advantage Capital is providing $125 million in tax equity for the project.
The Swift Air Solar funding represents the third transaction for Origis and Natixis CIB, Origis said.
Recommended Reading
Exxon CEO Darren Woods: Hydrogen Incentives ‘Critical’ for Now
2025-02-03 - Exxon Mobil CEO Darren Woods said the end goal for energy policy should be a system in which no fuel source remains dependent on government subsidies.
Congress Kills Biden Era Methane Fee on Oil, Gas Producers
2025-02-28 - The methane fee was mandated by the 2022 Inflation Reduction Act, which directed the EPA to set a charge on methane emissions for facilities that emit more than 25,000 tons per year of CO2e.
Report: Trump to Declare 'National Energy Emergency'
2025-01-20 - President-elect Donald Trump will also sign an executive order focused on Alaska, an incoming White House official said.
Pioneer to Adapt Emvolon’s Flare Gas-to-Methanol Tech
2025-01-13 - The Department of Energy awarded Pioneer Energy $6 million to demonstrate the technology at an oil and gas facility in the Eagle Ford Shale for 12 months.
Industry Players Get Laser Focused on Emissions Reduction
2025-01-16 - Faced with progressively stringent requirements, companies are seeking methane monitoring technologies that make compliance easier.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.