Origis Energy, a vertically integrated renewable energy platform, announced the closing of an upsizing amendment to the development of their solar plus energy storage facility by doubling the investment to $750 million.

The company said with enhanced flexibility and increased capacity, the credit facility will support the expansion of its solar and energy storage project pipeline in the United States.

The financing round follows the company closing a $375 million credit facility last May. The facility comprised a letter of credit and equipment financing.

The company doubled its 2022 development finance facility by building on long-term partnerships and strengthening syndication with new lenders.

The facility is among the largest announced this year for a utility-scale solar and storage development project pipeline, the company said.

CIT, a division of First Citizens Bank, was the lead arranger.

Leading lenders supporting the amendment and increasing their commitments included Santander, Deutsche Bank, HSBC, Rabobank, and Nomura.

New partners joining the syndicate include Truist Securities, Sumitomo Mitsui Banking, KeyBank, Natixis, and Société Générale.

“The recent passing of the Inflation Reduction Act invoking incentive stability, market demand for high-quality clean energy generation, and the strong Origis track record drove high interest in this financing round,” said Jamie Edwards, Managing Director, Finance & Accounting, Origis Energy.

Origis Energy is majority owned by funds managed by Antin Infrastructure Partners.

The company’s offerings include solar, energy storage, and clean hydrogen solutions for utility, commercial, and industrial, as well as public sector clients.

The company has 170 projects worldwide totaling more than 5 GW of developed solar, energy storage, and clean hydrogen capacity.

Mike Lorusso, Managing Director and Group Head for CIT’s Power and Energy unit, said: “Proven teams with high-quality projects are moving the clean energy transition forward. The Origis team is working to solve tomorrow’s challenges with solutions today, and we are proud to continue to support their growth.”

Total corporate funding worldwide in the solar sector, including venture capital and private equity (VC), debt financing, and public market financing, totaled $24.1 billion in 2022, a decline of 13% compared to the $27.8 billion raised in 2021, according to Mercom’s Annual and Q4 2022 Solar Funding and M&A Report.