Origis Vitality has secured $317 million in undertaking tax fairness funding from J.P. Morgan for 2 utility-scale photo voltaic and solar-plus-storage initiatives, positioned in New Mexico and Mississippi, respectively.
Escalante Photo voltaic is a 200 MW plant underneath building in New Mexico for Tri-State Era and Transmission Affiliation and its member electrical cooperatives. It has greater than 250,000 panels put in and is being constructed on the location of the previous 253 MW coal-fired Escalante Station, retired in 2020. The undertaking is about to come back on-line this yr.
Golden Triangle II, a 150 MW photo voltaic undertaking with 200 MWh of power storage, additionally set to be accomplished this yr. It has a complete deliberate capability of 550 MW photo voltaic plus 600 MWh of battery storage. The initiatives will ship power and grid resiliency underneath PPAs executed between Origis Vitality and the Tennessee Valley Authority.
“J.P. Morgan is among the largest financiers of unpolluted power and this collaboration ensures Escalante Photo voltaic and Golden Triangle II meet key buyer objectives for decarbonization and grid resiliency,” says Vikas Anand, COO and CFO of Origis Vitality.
The tax fairness settlement leverages each the Funding Tax Credit score and the Manufacturing Tax Credit score incentives of the Inflation Discount Act.
Development financing was secured for Escalante Photo voltaic and Golden Triangle II as a part of the corporate’s $750 million building financing facility introduced final August to fund roughly 2 GW of capability throughout 15 states over the following three years.
Norton Rose Fulbright represented Origis Vitality within the transaction. Hunton Andrews Kurth acted as J.P. Morgan’s counsel.
