Renewable energy company Origis Energy is well on its way to constructing the Swift Air Solar project in Ector County, Texas, with the help of a recently secured $415 million funding package.
This week, the American company announced that it had locked in $290 million in construction and term debt financing from Natixis Corporate & Investment Banking (CIB), with Advantage Capital providing an additional $125 million in tax equity.
With this financial injection, Origis Energy will power the development of its Swift Air Solar initiative, which will be built, owned, and operated by the renewable energy company.
As announced by Origis Energy, this project is expected to come online and begin commercial production in March 2025.
The Swift Air Solar project is part of an agreement with Occidental (Oxy) in Houston and its subsidiary, 1PointFive, which entails the delivery of zero-emission solar power to the STRATOS Direct Air Capture (DAC) facility, currently under construction in the Permian Basin.
Expected to be operational in its first phase by mid-2025, STRATOS, a pioneering large-scale DAC project, will be able to remove 500,000 tons of carbon dioxide from the atmosphere per year.
This financial transaction marks the third instance of cooperation between Origis Energy and Natixis CIB, which follows two previous multimillion collaborations in 2023.
On behalf of Natixis CIB, Nasir Khan, Managing Director, Head of Infrastructure & Energy Finance, Americas, said that they are proud to once again partner with Origis Energy on the Swift Air Solar project.
Relevant: Stratos, Occidental’s First DAC Plant Is 70% Complete
He went on to add, “This financing, our third with Origis, reinforces our commitment to financing renewable energy solutions that drive the global energy transition.”
Vikas Anand, Chief Executive Officer, Origis Energy, stated, “This is an exciting project, helping to power the world’s first large-scale direct air capture plant. This directly aligns with our mission to supply decarbonization solutions.”
Commenting on the recent deal, Anand shared, “A big thank you to Natixis CIB and Advantage Capital for their partnership on Swift Air Solar.”
Read more: Occidental Starts Construction Of Its First Large-Scale Direct Air Capture Plant
