US renewable energy company Origis Energy has secured a $415m financing package for the Swift Air Solar project in Ector County, Texas.

The funding will cover the construction, term debt and tax equity financing for the project.

Natixis Corporate & Investment Banking was the sole coordinating lead arranger, providing $290m in construction and term debt financing. It also served as the hedging bank, LC issuer, green loan coordinator and administrative agent.

Advantage Capital provided $125m in tax equity for the project.

Origis Energy CEO Vikas Anand said: “This is an exciting project, helping to power the world’s first large-scale direct air capture [DAC] plant. This directly aligns with our mission to supply decarbonisation solutions.”

The Swift Air Solar project is expected to commence commercial production by mid-2025. Once operational, it will have the capacity to power approximately 49,000 homes.

The project has an agreement with Houston-based Occidental and its subsidiary, 1PointFive, to supply zero-emission solar power to the STRATOS DAC facility in the Permian Basin.

Origis will maintain its role as the builder, owner and operator of the Swift Air Solar project.

Advantage Capital managing director Tom Bitting said: “The Swift Air Solar project highlights what can be achieved when capital, collaboration and cutting-edge technology come together to drive meaningful impact.

“Investing in transformative renewable energy projects like this aligns perfectly with our mission to drive capital to initiatives that foster economic growth and environmental impact. We are proud to support Origis Energy in delivering this innovative clean energy solution, which contributes to accelerating the clean energy transition.”

Legal representation for the transaction was provided by Latham & Watkins for Origis Energy, while Milbank represented Natixis CIB and A&O Shearman represented Advantage Capital. Local counsel included Reed Smith for Origis and Husch Blackwell for Natixis CIB and Advantage.

Origis and Natixis CIB have a history of collaboration, with the Swift Air Solar funding being their third transaction.

The two entities previously worked together on the Origis $750m construction warehouse facility in August 2023 and an expansion of the Origis $750m development facility in March 2023.