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US renewables platform Origis Energy has closed the financing for its Golden Triangle I project, a planned 200-MWac solar power development co-located with 200 MWh of energy storage in Lowndes County, Mississippi.
Origis said on Wednesday it had secured a USD-344-million (EUR 313.7m) construction financing facility and conversion to term loan from Japanese bank MUFG (TYO:8306). The loan facility covers the construction phase of the project and leverages the transferability provision of the Inflation Reduction Act (IRA) before securing tax equity financing.
Once construction is finalised, the construction loan will be converted into a long-term loan covering the entire 25-year-plus operational life of the Golden Triangle I plants, Origis said.
Golden Triangle I is one of three solar-plus-storage projects that Origis has in the immediate pipeline in Mississippi. Taken together, these projects — Golden Triangle I, Golden Triangle II and Optimist — will have 500 MWac of solar and 600 MWh of battery storage capacity. All three facilities will provide electricity and grid resiliency at competitive rates under a power purchase agreement (PPA) between Origis and the Tennessee Valley Authority (TVA).
Construction of the Golden Triangle II project began in October this year.
(USD 1.0 = EUR 0.912)
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