Origis Energy, a leading renewable energy and decarbonization platform in the U.S., has successfully closed a $136 million construction financing facility and converted it to a term loan with MUFG, a prominent global financial group. This funding is for the Rice Creek Solar project, currently under construction in Putnam County, Florida, for the Florida Municipal Power Agency (FMPA) and its member communities.
The Rice Creek Solar project, a 75 MW photovoltaic facility nearing completion, is part of one of the largest municipal-backed solar initiatives in the nation. FMPA will coordinate the project on behalf of its members, who will purchase power generated by Rice Creek Solar. Origis Energy serves as the builder, owner, and operator of the facility.
“Origis and MUFG continue to strengthen their partnership. MUFG’s extensive expertise in this sector and their streamlined underwriting process allow us to focus on rapid deployment and growth,” stated Vikas Anand, CEO of Origis Energy. “Rice Creek Solar exemplifies our commitment to advancing the clean energy transition through collaborative municipal programs. We appreciate MUFG’s support and look forward to delivering this project for FMPA.”
A Community Effort
“This financing showcases our strong relationship with Origis Energy and our dedication to advancing renewable energy projects in Florida and nationwide,” added Patrick Klein, Senior Originator for Project Finance Americas at MUFG. “We are proud to support this important initiative that will deliver clean, affordable power to FMPA’s communities while fostering job creation and economic development in the region.”
Latham & Watkins represented Origis Energy in the transaction, with Akerman LLP providing local legal counsel. Milbank, LLP acted as legal counsel for MUFG, with Greenberg Traurig LLP serving as local counsel.
Rice Creek Solar is anticipated to qualify for an Energy Community Adder to Investment Tax Credits under the Inflation Reduction Act (IRA), a rare incentive for Florida solar projects, due to its proximity to a recently decommissioned coal plant. The project is expected to power around 14,000 homes and prevent 74,000 metric tons of CO2 emissions annually, contributing both environmental and economic benefits to the region. Origis Energy’s total solar capacity in Florida, where the company is headquartered, is approaching one gigawatt.
About Origis Energy
Origis Energy is dedicated to accelerating the transition to a carbon-free future through its Reimagining ZeroSM initiative. As a premier renewable energy and decarbonization solution platform, Origis Energy is committed to enhancing its contributions to global net-zero goals. The company prioritizes customer needs while offering a diverse array of sustainable solutions, including grid and distributed power generation, clean hydrogen, and long-term management of solar and energy storage facilities across the U.S. Founded in 2008, Origis Energy is headquartered in Miami, FL.
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