Origis Energy secures $136m financing for Rice Creek Solar project in Florida
Origis Energy, a leading renewable energy and decarbonization solution platform in the United States, has successfully closed a $136 million construction financing facility with MUFG, a prominent global financial group. This financing will support the construction and subsequent conversion to a term loan for the Rice Creek Solar project located in Putnam County, Florida. The project, currently nearing completion, is designed to produce 75 MW of solar power.
Rice Creek Solar project : A Key Player in Municipal Solar Initiatives
Contracted by the Florida Municipal Power Agency (FMPA) for its members, Rice Creek Solar represents a significant component of one of the nation’s largest municipal-backed solar initiatives. Once completed, the facility will supply clean, affordable power to several member communities of the FMPA, further enhancing Origis Energy’s role as the builder, owner, and operator of the project.
Origis Energy secures $136m financing for Rice Creek Solar project in Florida
Strengthening Partnerships and Advancing Renewable Energy
The partnership between Origis Energy and MUFG continues to strengthen, with this transaction highlighting their shared commitment to advancing renewable energy projects. Vikas Anand, CEO of Origis Energy, praised the collaboration, stating, “Origis and MUFG continue to build a strong alliance. MUFG’s deep expertise in this sector and their well-defined underwriting process enable Origis to focus on speed to market and successful scaling of our business.” Patrick Klein from MUFG also emphasized the importance of the project, “This transaction is another testament to our strong relationship with Origis Energy and our commitment to supporting the development of renewable energy projects in Florida and across the country.”
Legal Expertise and Economic Impact
Legal expertise for the transaction was provided by Latham & Watkins and Akerman LLP for Origis Energy, and Milbank, LLP, along with Greenberg Traurig LLP for MUFG. The project is expected to create substantial economic and job opportunities in the region, in addition to its environmental benefits.
Environmental Benefits and Incentives
Rice Creek Solar is positioned uniquely to qualify for an Energy Community Adder to Investment Tax Credits under the Inflation Reduction Act, a significant incentive for Florida-based projects. This is largely due to its proximity to a recently decommissioned coal power plant. The project will power approximately 14,000 homes and is projected to avoid 74,000 metric tons of CO2 emissions annually. These figures highlight the substantial environmental and economic benefits that the Rice Creek Solar project will bring to the local community.