Origis Energy announced the financial close of two solar projects, Swift Air Solar II and Swift Air Solar III, located in Ector County, Texas. These two units represent a combined capacity of 313 megawatt direct current (MWdc). The $290mn financing package includes construction loans, term loans and a tax credit bridge loan, structured as senior secured debt.
Natixis Corporate & Investment Banking (Natixis CIB) and Santander Corporate & Investment Banking (Santander) acted as joint lead arrangers, bookrunners and hedging banks for the transaction. Natixis CIB also served as green loan coordinator and administrative agent for the financing.
Commercial launch expected in late 2025
Both plants are expected to begin commercial operations in the fourth quarter of 2025. The electricity and renewable energy credits will be sold through 15-year Power Purchase Agreements (PPA) to Occidental Power and its subsidiary OLCV Stratos Development. These agreements aim to supply zero-emission electricity to the STRATOS Direct Air Capture (DAC) facility currently under construction in the Permian Basin.
Origis Energy is the developer, owner and operator of the Swift Air Solar II and III projects. They form the first phase of a larger 600 MW solar complex under development in the region, with three additional projects expected to reach Full Notice to Proceed before the end of the year.
Consolidated banking partnership
This transaction marks the first project financing jointly led by Origis, Natixis CIB and Santander. However, the parties have previously collaborated twice in 2023, on a $750mn construction facility in August and on its upsize in March.
Origis was represented by Latham & Watkins, with Reed Smith acting as local counsel. The lenders were advised by Milbank, supported by Husch Blackwell on local legal matters.
Deployment of a 3 GW portfolio
Origis Energy plans to bring more than 3 gigawatts (GW) of contracted assets into operation by the end of 2026. The Swift Air Solar I project, with a capacity of 184 MWdc, is already operational and also contracted with Occidental Power. This strategy aims to strengthen Origis’s position in utility-scale photovoltaic complexes while securing long-term power off-takers.
