Origis Energy has closed US$344 million in construction financing for the Golden Triangle I solar project. Provided by MUFG, the financing will help one of America’s leading renewable energy and decarbonization solution platforms to build the Mississippi project, already underway.
Origis Golden Triangle I Solar capacity
Golden Triangle I will have a 200 MWac solar capacity co-located with 200 MWh of energy storage. It is one of three Origis Energy renewable energy projects under construction in the state together. Together, the three projects constitute the largest solar plus battery energy storage deployments in Mississippi to date. Construction was announced by the energy company earlier this year on the three projects, Golden Triangle I, Golden Triangle II and Optimist. All three project will have a total capacity of 550 MWac solar plus 600 MWh of battery energy storage. They will deliver clean energy and grid resiliency at competitive rates. Furthermore, they are under Power Purchase Agreements executed between Origis Energy and the Tennessee Valley Authority (TVA).
Financing details on the project
Golden Triangle I is supported during construction and long-term operation with this loan facility. Once construction is finished the financing will be converted to a long-term instrument. This will cover the 25 year+ operational life of the project. Additionally, the loan facility structure leverages the transferability provision of the Inflation Reduction Act (IRA) prior to commitments for tax equity financing.
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“The MUFG team has been outstanding. We have worked together to uncover innovative ways to leverage the IRA provisions. We will ensure the Golden Triangle I project delivers for TVA and its customers as promised. Golden Triangle I will power the equivalent of 57,000 homes, deliver grid resiliency. It will also 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,” said Vikas Anand, Chief Operating Officer & Chief Financial Officer, Origis Energy.
Delta’s Edge Solar Plant, Mississippi
Just two weeks ago, another significant solar project begun operations in Mississippi. Located in Carroll County, the 135 MW Delta’s Edge solar plant will provide renewable energy to over 14,000 homes and businesses across the state. It is one of the largest solar farms in the state. According to recent data from SEIA, this project coming online represents an approximate 30% increase in the amount of installed solar PV in the state of Mississippi. Further, the project has a 15-year PPA with wholesale electricity utility Cooperative Energy.
Owned and operated by Cubico Sustainable Investments, the company now has over 750 MW of operational renewable energy projects in the US and over 1.4 GW across North America (the US and Mexico). The solar farm is Cubico’s first operational project to be connected to the Midcontinent Independent System Operator (MISO). This is the second largest regional transmission network in the US and a key future growth market for the business. The company also has a pipeline of 270 MW of clean energy projects under construction. This will add to approximately 1 GW of projects in development across the country.
