The solar developer closed a deal for construction, term debt and tax equity financing for a project coming online in 2025.
Project developer Origis Energy announced it has closed financing for the Swift Air Solar project in Ector County, Texas. It secured $415 million in funding, including construction, term debt and tax equity financing from Natixis Corporate & Investment Banking (CIB) and Advantage Capital.
Natixis CIB served as sole coordinating lead arranger, hedging bank, 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 funds support a 145 MW project in Texas that is expected to produce enough to power equivalent demand of about 49,000 homes. Swift Air Solar will provide its electricity to Stratos, a direct air capture facility.
The project’s engineering, procurement, and construction (EPC) firm for the project is Primoris Renewable Energy.
Origis Energy told pv magazine USA the project’s racking is expected to be provided by Array Technologies, and Sungrow will provide project inverters. Boviet Solar is the solar module supplier for the project.
The company expects 370 jobs at peak construction and about four to six long-term maintenance positions.
Currently under construction, Swift Air Solar will enter commercial production in mid-2025.
“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.
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.
The Swift Air Solar funding marks 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.
