Origis Secures $300MM Credit Facility from KKR

Miami-based Origis Energy has secured a $300 million corporate credit facility from global investment firm KKR.

Vehicles and accounts managed by KKR’s insurance business have provided the corporate financing facility to Origis. Proceeds from the facility will support the continued development and construction of Origis’ pipeline of solar and storage projects, the renewable energy and decarbonization platform said in a news release Monday.

“We are on a remarkable trajectory at Origis and focused on delivering for our customers. We are pleased to be working with KKR in this next phase of our growth,” Origis CEO Vikas Anand said.

“Demand for renewable energy financing is stronger than ever and we are pleased to support Origis Energy, one of the leading developers in this space,” Sam Mencoff, Director at KKR, said.

According to the release, S&P Global Commodity Insights ranked Origis third on its list of the ten largest owners of planned solar installations through 2028.

Since its inception, Origis has developed more than 250 solar and storage projects. In the USA. The company’s current operating, contracted and mature development project portfolio stands at more than 12 gigawatts (GW), with an additional 13 GW in the pipeline.

The investment aligns with KKR’s asset-based finance (ABF) strategy, “which focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets, offering diversification to traditional corporate credit and attractive risk-adjusted returns,” according to the release. KKR’s ABF platform began investing in 2016 and now has approximately $54 billion in ABF assets under management globally.

Promotion of New CEO

Origis in March promoted Anand to the role of CEO. Anand joined the firm in August 2023 as Chief Operating Officer and Chief Financial Officer.

Origis founder Guy Vanderhaegen has moved into the new role of Executive Chairman, according to an earlier statement.

Anand brings extensive strategic, operational and financial skills to the role, in addition to a nearly decade-long track record in the renewable energy industry. His 20 years in successively larger roles with General Electric culminated in leadership in the company’s renewable energy business units. Before joining Origis, he served as the co-founder and sponsor of GoGreen Investments, which successfully completed a merger with Lifezone Metals, a clean battery metals company, and was an advisor to Brookfield Asset Management and New Mountain Capital in the renewable power sector.

“We are proud to have Vikas move into the CEO role,” Vanderhaegen said. “In this relatively short time, he has made a significant contribution to our ability to scale for efficient growth and generate investor value”.

“As we move into the next great growth phase, our mission unites us in support of our customers and the world’s work toward net-zero. This purpose requires the deep industry and operational experience Vikas brings to the table,” Vanderhaegen added.

Origis Energy, founded in 2008, targets to deploy a wide range of sustainable solutions for grid and distributed power generation, clean hydrogen and long-term operation of solar, energy storage and clean hydrogen plants across the USA.

To contact the author, email rocky.teodoro@rigzone.com