Origis Energy, one of the largest renewable energy and decarbonization solutions providers in the US, recently closed financing on its Swift Air Solar project located in Ector County, Texas, in a total of $415 million funding package comprising construction debt and tax equity financing by Natixis CIB and Advantage Capital.
Natixis CIB arranged $290 million in debt financing, handling roles such as hedging bank, green loan coordinator, and administrator. Advantage Capital has committed $125 million in tax equity funding for the project.
Swift Air Solar: A Key Renewable Energy Initiative
Currently under construction, the Swift Air Solar project is set to begin commercial operations by mid-2025. The facility will supply zero-emission solar power to Occidental Petroleum’s 1PointFive Direct Air Capture facility, STRATOS, in the Permian Basin. Origis Energy will be responsible for the construction, ownership, and operation of the Swift Air Solar plant.
Vikas Anand, CEO of Origis Energy, said, “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. A big thank you to Natixis CIB and Advantage Capital for their partnership on Swift Air Solar.”
Also read: Origis Energy Secures Tax Equity Commitment from J.P. Morgan for Solar + Storage Project
Strategic Partnerships and Continued Collaboration
The financing of Swift Air Solar marks the third collaboration between Origis Energy and Natixis CIB. The two companies previously collaborated on Origis’ $750 million construction warehouse and development facility upsized in 2023.
Latham & Watkins acted as legal counsel for Origis Energy during the transaction. Milbank represented Natixis CIB, and A&O Shearman provided legal services for Advantage Capital. Local legal support came from Reed Smith for Origis and Husch Blackwell for Natixis CIB and Advantage Capital.