Origis Energy, one of America's leading renewable energy and decarbonization solution platforms, today announced the close of $71 million in tax equity financing with U.S. Bank subsidiary U.S. Bancorp Impact Finance, one of the most active renewable energy investors in the nation, for Rice Creek Solar in Florida.
Rice Creek Solar is a nearly 75 MWac project in Putnam County, FL., contracted with the Florida Municipal Power Agency (FMPA) for 12 of their participating member municipal utilities.
"U.S. Bank's expertise and commitment to the renewable energy market is helping us realize our large solar portfolio. Rice Creek is another example of their support empowering us to scale effectively and bring clean energy projects online," said Vikas Anand, Chief Executive Officer, Origis Energy. "We applaud FMPA for adding more cost-effective energy resources to meet the growing electricity demand of millions of Floridians, and U.S. Bank for supporting the project."
"Working with Origis and bringing multiple products to bear is another example of U.S. Bank's commitment to financing the energy transition," said U.S. Bancorp Impact Finance Senior Vice President Eric Barr. "We look forward to seeing this project come to fruition to expand clean energy in the state of Florida."
Latham & Watkins represented Origis Energy in the transaction, with Akerman LLP serving as Local Counsel. Sheppard Mullin acted as U.S. Bank's?Counsel, with Balch & Bingham serving as Local Counsel.
Rice Creek Solar is the third solar site in the Florida Municipal Solar Project, one of the largest municipal-backed solar projects in the U.S. At 74.9 MWac, it consists of 213,000 solar panels generating enough clean power for approximately 14,000 homes. Origis Energy is the builder, owner, and operator of the project. Completion of the project is imminent.
