Orion Solar Belt — 1.3 GW portfolio of 4 utility-scale solar projects (Orion I, Eiffel, Orion II, Orion III), Milam County, TX — 875 MWdc using 1.3M American-made First Solar modules
PFI Renewables Deal of the Year. First US utility-scale projects to close with IRA domestic content adder. Tax equity: JPM (Orion I), BofA (Eiffel), Morgan Stanley (Orion II), Truist (Orion III) — $800M total. Construction debt $1.2B, term debt $450M from MUFG, Mizuho, ING, SMBC, CIBC, Fifth Third, SocGen. Mizuho led Orion I/III; MUFG led Orion II. Google purchasing ~75% output — its largest global solar investment. 1.1M First Solar modules from Ohio. Nextracker trackers. Energy community designation. $100M local economic contribution.
$2.40B
Deal Value
1,300MW
Capacity
Solar
Technology
TX
Location
Deal Details
- Deal Type
- Project Finance
- Seller / Sponsor
- SB Energy Global (SoftBank / Ares Management)
- Buyer / Financier
- J.P. Morgan, Bank of America, Morgan Stanley Renewables, Truist Bank, MUFG, Mizuho Americas, ING, SMBC, CIBC, Fifth Third Bank, Société Générale
- Offtaker
- Deal Value
- $2.4B+
- Stage
- Under Construction
- ISO/RTO
- ERCOT
- Source
- SB Energy
Capital Structure
$2.40B
Total transaction value
Tranches
- Tax Equity · J.P. Morgan, Bank of America, Morgan Stanley Renewables, Truist Bank
- $800M
- Construction Debt · MUFG, Mizuho Americas, ING, SMBC, CIBC, Fifth Third Bank, Societe Generale
- $1.20B
- Term Debt · MUFG, Mizuho Americas, ING, SMBC, CIBC, Fifth Third Bank, Societe Generale
- $450M
Service Providers
Advisory & Legal
- Lender Counsel
- Latham & Watkins LLP
Finance Counterparties
Lenders & Capital Providers
- taxEquityProviders
- J.P. Morgan; Bank of America; Morgan Stanley Renewables; Truist Bank
- constructionDebtArrangers
- MUFG; Mizuho Americas; ING; SMBC; CIBC; Fifth Third Bank; Société Générale
- termDebtArrangers
- MUFG; Mizuho Americas; ING; SMBC; CIBC; Fifth Third Bank; Société Générale
- taxEquityAmount
- $800M
- constructionDebtAmount
- $1.2B
- termDebtAmount
- $450M
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