Origis Energy Secures $317 mn in Project Funding from J.P. Morgan for Solar Ventures

By Editor


Origis Energy has secured $317 million in project tax equity funding from J.P. Morgan. The funding is earmarked for two expansive utility-scale projects – one dedicated to solar energy and another integrating solar with battery storage. These projects are strategically located in New Mexico and Mississippi, marking a substantial leap forward for Origis Energy’s clean energy initiatives.

The first of the ventures, Escalante Solar, is a 200 MWac solar plant currently under construction in the southwest for Tri-State Generation and Transmission Association and its affiliated electric cooperatives. Notably, the project is emerging on the site formerly occupied by the 253-megawatt coal-fired Escalante Station, which was decommissioned in 2020 as part of Tri-State’s commitment to a cleaner energy transition.

Tri-State and Origis Energy recently celebrated the installation of over 250,000 solar panels at the Escalante Solar site. The project is expected to commence operations in 2024, contributing significantly to the region’s renewable energy landscape.

Golden Triangle II, the second venture, is a 150 MWac solar project complemented by a 50 MW/4 HRs (200 MWh) energy storage facility. This ambitious project is slated for completion in 2024 and is one of three Origis Energy plants currently under construction in Mississippi.

With a combined capacity of 550 MWac solar and 600 MWh of battery storage, this portfolio represents the most extensive solar plus storage deployment in the state. The projects aim to provide clean energy and enhance grid resiliency, operating under Power Purchase Agreements established between Origis Energy and the Tennessee Valley Authority (TVA).

Vikas Anand, Chief Operating Officer & Chief Financial Officer at Origis Energy, expressed enthusiasm about the collaboration with J.P. Morgan, stating, “J.P. Morgan is one of the largest financiers of clean energy, and this collaboration ensures Escalante Solar and Golden Triangle II meet key customer goals for decarbonization and grid resiliency.”

The tax equity agreement leverages the Investment Tax Credit (ITC) and the Production Tax Credit (PTC) incentives of the Inflation Reduction Act. Specifically, the ITC is utilized for Golden Triangle II, while the PTC provision is applied for Escalante Solar. This strategic approach maximizes the financial benefits of these federal incentives.

Origis Energy secured construction financing for both Escalante Solar and Golden Triangle II as part of its $750 million Construction Financing Facility, unveiled in August 2023. The facility is dedicated to funding approximately 2 gigawatts of project capacity across 15 states over the next three years, reinforcing Origis Energy’s commitment to advancing clean energy solutions on a significant scale.

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