U.S.-based renewable energy company Origis Energy has closed a $750 million construction warehouse facility to be used for the expansion of solar and energy storage projects with a total capacity of nearly 2 GW.

The investment is anticipated to facilitate project development within a three-year timeframe.

The establishment of the warehouse facility is expected to bolster the construction of diverse renewable energy projects, including solar installations, energy storage facilities, and combined solar plus storage initiatives.

The projects have already secured power purchase agreements with utilities and corporations, effectively ensuring demand and off-take for the generated energy.

“Origis is in an unprecedented growth cycle fueled by customer demand and the Inflation Reduction Act,” said Guy Vanderhaegen, Chief Executive Officer and President of Origis Energy. “Advancing construction of our renewable energy pipeline is a top priority, one served by this new financing. The arrangement also demonstrates the continued trust of the financial community in our team. We thank Santander, Rabobank, and Natixis for their collaboration. Together we are delivering clean, cost-effective energy to our customers.”

Origis’s portfolio currently encompasses 18 GW of solar and 36 GWh of energy storage capacity. The company’s engagement is distributed across 31 states.

Santander Corporate and Investment Banking served not only as the green loan coordinator but also as the coordinating lead arranger. Rabobank and Natixis Corporate & Investment Banking collaborated with Santander, contributing as coordinating lead arrangers, hedge providers, and letter of credit issuers.

In March, Origis Energy 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 total global corporate funding in the solar sector during the first half of 2023, including venture capital investments, public market funding, and debt financing, reached $18.5 billion, a 54% year-over-year increase from $12 billion. The numbers were revealed in Mercom Capital Group’s newly released 1H and Q2 2023 Solar Funding and M&A Report.