Published by Todd Bush on January 24, 2024
The tax equity will support two large-scale renewable energy projects: a solar and battery storage project in Mississippi and a solar project in New Mexico.
MIAMI, Jan. 24, 2024 /PRNewswire/ -- Origis Energy, one of America's leading renewable energy and decarbonization solution platforms, today announced it has secured $317 million in project tax equity funding from J.P. Morgan for two utility-scale solar and solar plus battery storage projects located in New Mexico and Mississippi respectively.
>> In Other News: Origis Energy and Mitsubishi Power to Bring Battery Energy Storage Projects to the Southeast United States
Escalante Solar is a 200 MWac solar plant under construction in the southwest for Tri-State Generation and Transmission Association and its member electric cooperatives. Tri-State and Origis Energy recently announced reaching the milestone of over 250,000 solar panels installed at the project. Escalante Solar is being built on the site of the former, 253-megawatt, coal-fired Escalante Station, which was retired in 2020, as Tri-State continues its clean energy transition. The project will come online in 2024.
Golden Triangle II, a 150 MWac solar project with 50 MW/4 HRs (200 MWh) of energy storage, will also be completed in 2024. The project is one of three Origis Energy plants under construction in Mississippi. With a total capacity of 550 MWac solar plus 600 MWh of battery storage, the portfolio represents the largest solar plus storage deployment in the state. The projects will deliver clean energy and grid resiliency at competitive rates under Power Purchase Agreements executed between Origis Energy and the Tennessee Valley Authority (TVA).
"J.P. Morgan is one of the largest financiers of clean energy and this collaboration ensures Escalante Solar and Golden Triangle II meet key customer goals for decarbonization and grid resiliency," said Vikas Anand, Chief Operating Officer & Chief Financial Officer, Origis Energy.
The tax equity agreement leverages both the Investment Tax Credit (ITC) and the Production Tax Credit (PTC) incentives of the Inflation Reduction Act. For Golden Triangle II the deal utilized the ITC, for Escalante Solar the PTC provision is being utilized.
Construction financing was secured for Escalante Solar and Golden Triangle II as part of the company's $750 million Construction Financing Facility announced in August 2023 to fund approximately 2 gigawatts of project capacity across 15 states over the next three years.
Norton Rose Fulbright represented Origis Energy in the transaction. Hunton Andrews Kurth LLP acted as J.P. Morgan's counsel.
Origis Energy is accelerating the transition to a carbon-free future by Reimagining Zero℠. As one of America's leading renewable energy and decarbonization solution platforms, the company continues to expand and reimagine its contribution to the world's net-zero goals. Origis Energy puts customers first to deploy a wide range of sustainable solutions for grid and distributed power generation, clean hydrogen and long-term operation of solar, energy storage and clean hydrogen plants across the U.S. Founded in 2008, Origis Energy is headquartered in Miami, FL. Learn more at Origis Energy.
SOURCE Origis Energy
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 💧 Lummus and Advanced Ionics Establish Partnership for Green Hydrogen 🌫️ Capturing Carbon From the Air Just Got Easier 🏗️ Linde to Provide Carbon Capture Technology for Offshore ...
Inside This Issue 🌊 Microsoft Clinches Ocean-based Carbon Removal Deal With Ebb Carbon 🌱 New $5 Million DOE Award Supports KU Startup’s Green Hydrogen Energy Research ⚙️ Energy Vault EVx™ Gravity ...
Inside This Issue 🛠️ BHP, JSW Steel To Explore Use of Carbon Capture Technology in Steelmaking 🏝️ Exxon Mobil’s Landmark Acquisition for Offshore CO2 Capture: A Big Step Toward Carbon Reduction 🚗 ...
Aviva Launches Carbon Removal Fund
The fund aims to provide investors with access to a range of carbon removal projects, at a time when governments are waking up to the scale of work required to meet the goals of the Paris Agreement...
Lummus and Advanced Ionics Establish Partnership for Green Hydrogen
Partnership will advance production of cost-effective and sustainable green hydrogen technology HOUSTON, Nov. 1, 2024 /PRNewswire/ -- Lummus Technology, a global provider of process technologies a...
Capturing Carbon From the Air Just Got Easier
A new type of porous material called a covalent organic framework quickly sucks up carbon dioxide from ambient air Capturing and storing the carbon dioxide humans produce is key to lowering atmosp...
Linde to Provide Carbon Capture Technology for Offshore ADNOC Project
Linde Engineering has signed an agreement with NEXTCHEM to provide carbon capture technology to Abu Dhabi National Oil Company’s (ADNOC) Hail and Ghasha project. Located in the United Arab Emirates...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.