Origis Energy, a prominent player in America’s renewable energy landscape, has finalized a substantial $344 million construction financing facility with MUFG, a leading global financial group. This funding is allocated for the Golden Triangle I solar plus battery energy storage project situated in Lowndes County, Mississippi.
The Golden Triangle I project, featuring 200 MWac solar capacity combined with 200 MWh of energy storage, stands as a flagship initiative among three ongoing Origis Energy renewable energy projects in the state. These combined projects represent the largest solar plus battery energy storage deployments in Mississippi to date.
Earlier this year, Origis Energy had announced the commencement of construction on the trio of projects: Golden Triangle I, Golden Triangle II, and Optimist. Collectively boasting a capacity of 550 MWac solar along with 600 MWh of battery energy storage, these projects are poised to deliver clean energy and enhance grid resiliency under Power Purchase Agreements forged between Origis Energy and the Tennessee Valley Authority (TVA).
The recently closed loan facility holds pivotal support for Golden Triangle I throughout its construction phase and extends into the long-term operational lifespan of the project, spanning over 25 years. Notably, upon completion of construction, this financing will transition into a long-term instrument, ensuring sustained operational support.
Furthermore, the structure of the loan facility intelligently leverages the transferability provision outlined in the Inflation Reduction Act (IRA) ahead of commitments for tax equity financing, reinforcing the project’s financial robustness.
Vikas Anand, Chief Operating Officer & Chief Financial Officer at Origis Energy, emphasized the project’s immense impact, stating, “Golden Triangle I will generate the energy equivalent to powering 57,000 homes, fortify grid resiliency, and curtail approximately 291,000 metric tons of CO2 emissions annually.”
Patrick Klein, Senior Originator on the Project Finance Americas team at MUFG and lead for the Golden Triangle I Transaction, highlighted the institution’s dedication to crafting innovative financial solutions.