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In a significant move towards renewable energy advancement, Origis Energy, one of America’s leading renewable energy and decarbonization solution platforms, has successfully secured a $136 million construction financing facility and conversion to a term loan with MUFG, a prominent global financial group. This financing is designated for the Rice Creek Solar project, currently under construction in Putnam County, Florida.
The Rice Creek Solar project, boasting a capacity of 75 MW and nearing completion, stands as a pivotal venture contracted by the Florida Municipal Power Agency (FMPA) for its members. Origis Energy serves as the builder, owner, and operator of the project, while FMPA will oversee coordination for its member-owners, who are set to purchase power generated by the facility.
Vikas Anand, Chief Executive Officer of Origis Energy, emphasized the strategic partnership with MUFG, stating, “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.” Anand further highlighted Rice Creek Solar as a prime example of collaborative municipal programs driving the clean energy transition.
Patrick Klein, Senior Originator on the Project Finance Americas team at MUFG, echoed Anand’s sentiments, emphasizing the institution’s commitment to supporting renewable energy projects. Klein expressed pride in MUFG’s involvement in an initiative poised to provide clean and affordable power to FMPA’s member communities while fostering job creation and economic growth in the region.
Legal representation for Origis Energy was provided by Latham & Watkins, with Akerman LLP serving as Local Counsel. MUFG was advised by Milbank, LLP, with Greenberg Traurig LLP acting as MUFG’s Local Counsel.
Notably, Rice Creek Solar is expected to qualify for an Energy Community Adder to Investment Tax Credits, thanks to provisions under the Inflation Reduction Act (IRA). This incentive, rare for Florida-based solar projects, is attributed to the project’s proximity to a recently decommissioned coal power plant. Upon completion, Rice Creek Solar will power the equivalent of 14,000 homes and mitigate 74,000 metric tons of CO2 emissions annually, contributing both environmental and economic benefits to the region.
With the Origis Energy project footprint in Florida already nearing one gigawatt of solar capacity, Rice Creek Solar marks a significant milestone in the company’s commitment to sustainable energy solutions. |
