Funds managed by Antin Infrastructure Partners, an infrastructure investment firm, have entered into a definitive agreement to acquire a majority stake in Origis Energy, a U.S. renewable energy platform, from its CEO and president Guy Vanderhaegen, and Global Atlantic Financial Group. The company focuses on developing, building and operating utility-scale solar and storage assets, as well as distributed generation. Vanderhaegen will continue to lead and to hold a significant stake in the company.
Founded in 2008, Origis Energy has a track record of development success across 130 solar and storage projects. Antin will support Origis Energy with additional capital and resources as it builds out its contracted pipeline, which is one of the largest in the U.S. and provides clear visibility into its growth plan over the next several years.
The company will further scale its operations to deliver on longer-term development goals, continue to expand its operations and maintenance services business and further strengthen its position as a key player in energy transition.
By developing renewable energy projects, Origis Energy is at the forefront of companies contributing to decarbonisation efforts. Its solar and storage projects offer a clean alternative to fossil fuel-reliant energy sources, thus helping customers reduce net greenhouse gas emissions and transition to a low carbon economy. The nationwide energy transition, supported by national and state level policies, continues to create strong market growth for solar and storage assets.
The transaction, carried out through its Fund IV, is Antin’s third investment in the U.S. market as Antin expands its presence in North American infrastructure following the opening of its New York office in 2019.
“We are excited to work with the entire Origis Energy team in this major growth chapter for the company,” states Kevin Genieser, a senior partner at Antin Infrastructure Partners who led the transaction. “Origis Energy continues Antin’s decade-long track record of investing in renewable energy platforms and supporting the transition to a clean energy future. This transaction is well aligned with Antin’s own ESG objectives.”
“We are delighted to partner with Antin Infrastructure Partners to support our growth story,” adds Vanderhaegen. “With its backing, we can continue to capitalize on the fast-growing U.S. renewables market, which benefits from a supportive regulatory environment and compelling technology fundamentals.”
“We are pleased to have participated in Origis Energy’s great success story, first as an investor in its solar projects and later as the company’s largest outside shareholder,” comments Anup Agarwal, chief investment officer of Global Atlantic Financial Group. “Guy has built a world-class team with strong focus on delivering the highest standards of service and execution, which has positioned Origis Energy well for continued long-term success as demand for clean power supply continues to increase.”
Origis Energy was advised by Onpeak Capital (lead financial advisor) and Goldman Sachs (financial advisor) and Norton Rose Fulbright (legal advisor). Antin Infrastructure Partners was advised by Scotiabank and Wells Fargo Securities (financial advisor) and Latham & Watkins (legal advisor).
Closing is expected in late 2021 following the receipt of customary regulatory approvals.
Image: Photo by Markus Spiske on Unsplash
