Origis Energy Secures Tax Equity Commitment with J.P. Morgan for Golden Triangle I Solar + Storage

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Oct 02, 2024, 09:00 ET

The funding supports bringing the MS based utility-scale solar + storage project online.

MIAMI, Oct. 2, 2024 /PRNewswire/ -- Origis Energy, one of America's leading renewable energy and decarbonization solution platforms, today announced it has secured a tax equity commitment from J.P. Morgan for the Golden Triangle I Solar + Storage project in Lowndes County, MS. The initial funding was made alongside the commitment.

The agreement funds the completion of Golden Triangle I, a 200 MWac solar project with 50 MW of battery storage under Power Purchase Agreement with the Tennessee Valley Authority (TVA), to deliver clean energy and grid resiliency at competitive rates.

"The team at Origis Energy is focused on delivering high-quality projects for TVA, and our other customers. Golden Triangle I is an excellent example of that focus, and we appreciate J.P. Morgan's support on it," said Vikas Anand, Chief Executive Officer, Origis Energy.

Golden Triangle I is one of four Origis projects in Mississippi for TVA, with a total capacity of 750 MWac + 350 MW of battery storage. Estimated economic benefits from the complex include $182 million in near-term construction and hiring gains to the area and provide another approximate $7.2 million in estimated regional economic benefits over the life of the facility. The tax equity agreement leverages the Investment Tax Credit (ITC) incentives of the Inflation Reduction Act.

Latham & Watkins LLP represented Origis Energy in the transaction. Hunton Andrews Kurth LLP acted as J.P. Morgan's counsel.

About Origis Energy

Origis Energy is accelerating the transition to a carbon-free future by Reimagining Zero^SM. 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 power generation and performance, 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 www.origisenergy.com.

SOURCE Origis Energy