Origis Energy, a renewable energy platforms, announced financial close for the Swift Air Solar II and Swift Air Solar III projects in Ector County, Texas. The two projects have a combined nameplate capacity of 313 MWdc. The $290 million senior secured debt facilities include construction debt, term debt and a tax credit bridge loan from Natixis Corporate & Investment Banking (Natixis CIB) and Santander Corporate & Investment Banking.
Natixis CIB and Santander acted as coordinating lead arrangers and bookrunners, hedging banks and LC issuers, with Natixis CIB serving as green loan coordinator and administrative agent for the $290 million debt financing package.
“We’re excited to have achieved this successful financing milestone for the Swift Air Solar projects. These projects further demonstrate Origis Energy’s ability to scale efficiently and mark another step toward bringing over 3 GW of long-term contracted assets into commercial operation by the end of 2026,” Alice Heathcote, chief financial officer of Origis Energy, said. “A big thank you to Natixis CIB and Santander for their ongoing partnership on both these transactions and beyond.”
The Swift Air Solar II and III financing represents the first project financing jointly led for Origis by Natixis CIB and Santander. The parties had previously worked together on the Origis $750 million construction warehouse facility in August 2023 and an upsize of the Origis $750 million development facility in March 2023.
“Natixis CIB is pleased to have supported Origis in the financing of the Swift Air II and III projects, alongside Santander. Origis, along with Antin, is an important client to Natixis CIB, and we look forward to continuing our long, collaborative and successful relationship in future transactions,” Nasir Khan, head of real assets and global trade Americas at Natixis CIB, said.
“Santander is proud to support Origis in financing Swift Air II and III, together with Natixis. Our longstanding relationship with Origis and Antin reflects our shared commitment to accelerating the energy transition, and we are pleased to further their continued growth,” Andrew Platt, head of energy structured finance and advisory U.S. at Santander Corporate & Investment Banking, said.
Latham & Watkins represented Origis Energy in the transaction, together with Reed Smith as local counsel, while Milbank represented the lenders with support from Husch Blackwell as local counsel.
