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.
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