US solar developer Origis Energy has successfully secured a substantial investment of $344 million from Japanese financial giant Mitsubishi UFJ Financial Group (MUFJ) for its 200MW solar project located in Mississippi, USA.
The Golden Triangle I project, which is co-located with a 200MWh battery energy storage system (BESS), is part of Origis Energy's larger portfolio, including two additional renewable energy projects, Golden Triangle II and Optimist, all currently in progress within the state. The loan facility, utilizing the transferability option within the Inflation Reduction Act (IRA), played a pivotal role in supporting the construction phase of the Golden Triangle I project and will continue to fund its long-term operation.
Origis Energy reports that the combined capacity of the three projects will reach 550MWac solar and 600MWh battery energy storage, marking them as the most extensive solar-plus-battery energy storage deployments in Mississippi. Power purchase agreements (PPAs) for these projects were inked with the Tennessee Valley Authority at competitive rates.
Construction commenced in October, with approximately 1.5 million solar modules slated for deployment across the project sites. Mitsubishi Power Americas is set to supply the battery storage systems, and the Golden Triangle I project is expected to be operational by spring 2024.
This funding injection follows Origis Energy's earlier financial successes, including a $750 million credit facility secured in March 2023 for its broader solar and energy storage development pipeline in the US. The company had also obtained a $375 million credit facility in May 2022. Additionally, Origis Energy solidified its supply chain by signing a significant agreement for over 700MW of bifacial PERC PV modules from Boviet Solar Technology in the previous year.