Origis Energy, a U.S.-based renewable energy solutions platform, today announced the closing of a $136 million construction financing and term loan conversion with MUFG Financial Group for its Rice Creek solar project under construction in Putnam County, Florida.
Strategic collaboration
The 75 MW Rice Creek Solar project, nearing completion, is a solar PV installation contracted by the Florida Municipal Power Agency (FMPA) for its members, and is part of one of the largest municipal solar initiatives in the country. FMPA will act as project coordinator for its member-owners, who will purchase electricity from the Rice Creek solar installation. Origis Energy is the builder, owner and operator of the project.
Long-standing partnership
“Origis and MUFG continue to build a strong alliance. MUFG’s deep industry expertise and their well-defined underwriting process allows Origis to focus on speed to market and successful scaling of our business,” said Vikas Anand, Managing Director of Origis Energy. Patrick Klein, Senior Originator of the Project Finance Americas team at MUFG, said “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.”
The Rice Creek Solar project should benefit from a top-up to the Energy Community Addition for Investment Tax Credits, under the provisions of the Inflation Reduction Act (IRA). These environmental attributes are in addition to the economic benefits that the project and portfolio will bring to the region.
