TSL Express Daily News

Natixis CIB and Advantage Capital provide construction, term debt and tax equity financing for the large-scale solar project coming online in 2025.

MIAMI, Jan. 9, 2025 /PRNewswire/ -- Origis Energy, one of America's leading renewable energy and decarbonization solution platforms, today announced the close of financing for the Swift Air Solar project in Ector County, Texas. The $415 million funding package includes construction, term debt and tax equity financing from Natixis Corporate & Investment Banking (CIB) and Advantage Capital.

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.

Currently under construction, Swift Air Solar will enter commercial production in mid-2025. The project is under agreement with Houston-based Occidental (Oxy) and its subsidiary, 1PointFive, to provide zero-emission solar power for the Direct Air Capture (DAC) facility, STRATOS, currently under construction in the Permian Basin. Origis is the builder, owner, and operator of Swift Air Solar. 

"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, Chief Executive Officer, Origis Energy. "A big thank you to Natixis CIB and Advantage Capital for their partnership on Swift Air Solar."

The Swift Air Solar funding represents the third transaction for Origis and Natixis CIB. The parties worked together on the Origis $750 million construction warehouse facility in August 2023 and an upsize of the Origis $750 million development facility in March 2023.

Nasir Khan, Managing Director, Head of Infrastructure & Energy Finance, Americas said "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."

"The Swift Air Solar project highlights what can be achieved when capital, collaboration, and cutting-edge technology come together to drive meaningful impact," said Tom Bitting, Managing Director at Advantage Capital. "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."

Latham & Watkins represented Origis Energy in the transaction. Representation for the lenders included Milbank for Natixis CIB and A&O Shearman for Advantage Capital. Local counsel included Reed Smith for Origis and Husch Blackwell representing Natixis CIB and Advantage.

Project information can be found at https://origisenergy.com/project/swift-air/.

About Origis Energy
Origis Energy is accelerating the transition to a carbon-free future by Reimagining ZeroSM. As one of America's leading renewable energy and decarbonization solution platforms, the company continues to expand and reimagine its contribution to the world's net-zero goals. Origis Energy puts customers first to deploy a wide range of sustainable solutions for grid power generation and performance, clean hydrogen and long-term operation of solar, energy storage and clean hydrogen plants across the U.S. Founded in 2008, Origis Energy is headquartered in Miami, FL. Learn more at www.origisenergy.com.

About Natixis Corporate & Investment Banking
Natixis Corporate & Investment Banking is a leading global financial institution that provides advisory, investment banking, financing, corporate banking and capital markets services to corporations, financial institutions, financial sponsors and sovereign and supranational organizations worldwide.

Our teams of experts in close to 30 countries advise clients on their strategic development, helping them to grow and transform their businesses, and maximize their positive impact. Natixis CIB is committed to aligning its financing portfolio with a carbon neutrality path by 2050 while helping its clients reduce the environmental impact of their business.

As part of Groupe BPCE, the second largest banking group in France through the Banque Populaire and Caisse d'Epargne retail networks, Natixis CIB benefits from the Group's financial strength and solid financial ratings (Standard & Poor's: A+, Moody's: A1, Fitch: A+, R&I: A+).

About Advantage Capital
Advantage Capital works with renewable energy developers to expand community access to clean energy and invigorate local economies, providing tax-advantaged financing for high-impact renewable energy projects across the U.S. In recent years, the company has invested in over 100 non-residential projects (including C&I, community solar, and utility-scale) in addition to more than 10,000 residential rooftop systems throughout the U.S. and its territories. Since 1992, Advantage Capital has invested more than $4 billion in more than 900 companies from a diverse array of industry sectors and has helped support more than 70,000 jobs. Learn more at Advantagecap.com.