Origis Energy and MUFG Close $136 Million Project Financing for Florida Municipal Solar Project

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Apr 16, 2024, 09:53 ET

The deal expands the relationship between the organizations and supports Rice Creek Solar, a 75-megawatt facility for the Florida Municipal Power Agency

MIAMI, April 16, 2024 /PRNewswire/ -- Origis Energy, one of America's leading renewable energy and decarbonization solution platforms, today announced the close of a $136 million construction financing facility and conversion to term loan with MUFG, a leading global financial group, for its Rice Creek Solar project under construction in Putnam County, Florida, for the Florida Municipal Power Agency and its members.

Rice Creek Solar, a 75 MW project nearing completion, is a PV solar facility contracted by the Florida Municipal Power Agency (FMPA) for its members and is part of one of the largest municipal-backed solar initiatives in the nation. FMPA will serve as the project coordinator for their member-owners, who will purchase power from the Rice Creek Solar facility. Origis Energy is the builder, owner, and operator of the project.

"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," said Vikas Anand, Chief Executive Officer, Origis Energy. "Rice Creek Solar is a perfect example of moving the clean energy transition forward through collaborative municipal programs. We thank MUFG for their support and look forward to delivering the project for FMPA."

"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," said Patrick Klein, Senior Originator on the Project Finance Americas team at MUFG. "We are proud to be part of this important initiative that will provide clean and affordable power to FMPA's member communities while creating jobs and economic opportunities in the region."

Latham & Watkins represented Origis Energy in the transaction, with Akerman LLP serving as Local Counsel. Milbank, LLP acted as MUFG's counsel, with Greenberg Traurig LLP serving as MUFG's Local Counsel.

Rice Creek Solar is expected to qualify for an Energy Community Adder to Investment Tax Credits, under the Inflation Reduction Act (IRA) provisions. The additional IRA incentive is rare for Florida-based solar projects and is due to its proximity to a recently decommissioned coal power plant in the same census tract. The project will power the equivalent of 14,000 homes and avoid 74,000 metric tons of CO2 each year. These environmental attributes add to the economic benefits the project and portfolio will deliver in the region. The Origis Energy project footprint in the Sunshine state, headquarters for the company, is currently at nearly one gigawatt of solar capacity.

About Origis Energy

Origis Energy is accelerating the transition to a carbon-free future by Reimagining Zero℠. 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 and distributed power generation, 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 Origis Energy.

About MUFG and MUFG Americas

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries. MUFG has nearly 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to be "the world's most trusted financial group" through close collaboration among our operating companies and flexibly respond to all the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges.

MUFG's Americas operations, including its offices in the U.S., Latin America, and Canada, are primarily organized under MUFG Bank, Ltd. and subsidiaries, and are focused on Global Corporate and Investment Banking, Japanese Corporate Banking, and Global Markets. MUFG is one of the largest foreign banking organizations in the Americas. For locations, banking capabilities and services, career opportunities, and more, visit www.mufgamericas.com.

SOURCE Origis Energy