Origis Energy has closed a $344 million construction financing facility and conversion to term loan with MUFG for its Golden Triangle I energy storage project in Lowndes County, Miss.
Golden Triangle I, with 200 MW of solar capacity co-located with 200 MWh of energy storage, is one of three Origis renewable projects under construction in the state. Together, they represent the largest solar plus battery energy storage deployments in Mississippi to date, says Origis.
Origis announced construction of the three projects, Golden Triangle I, Golden Triangle II and Optimist, earlier this year. With a total capacity of 550 MW solar plus 600 MWh of battery energy storage, the projects will deliver energy at competitive rates under PPAs executed between Origis Energy and the Tennessee Valley Authority (TVA).
Golden Triangle I is supported during construction and long-term operation with this loan facility. After construction completion, the financing will be converted to a long-term instrument covering the expected 25-year minimum operational life of the project. The loan facility structure also leverages the transferability provision of the Inflation Reduction Act prior to commitments for tax equity financing.
“The MUFG team has been outstanding. They have worked with us to uncover innovative ways to leverage the IRA provisions and ensure the Golden Triangle I project delivers for TVA and its customers as promised,” says Vikas Anand, COO and CFO of Origis Energy.
“Golden Triangle I will power the equivalent of 57,000 homes, deliver grid resiliency and avoid 291,000 metric tons of CO2 each year. These attributes are in addition to the economic benefits the project and portfolio will deliver in the region. We thank MUFG for their support and look forward to delivering the project for TVA.”
