en.Wedoany.com Reported - Sunraycer Renewables LLC, a developer, owner, and operator of clean energy power plants, announced on May 14 that it has completed a $901 million project financing with MUFG Bank, Ltd. (MUFG), Ally Bank, Nomura Securities International, Inc. (Nomura), Norddeutsche Landesbank Girozentrale (Nord/LB), and Societe Generale. The funds will support the construction and operation of three solar and battery energy storage projects in Texas.
The financing, consisting of construction loans, tax credit bridge loans, and letter of credit facilities, marks Sunraycer's second portfolio financing completed in approximately the last 12 months, bringing its total capital raised through project financing and tax equity during that period to approximately $1.6 billion.
The three projects have a total solar capacity of 479.5 MWac, paired with 236.5 MWac of two-hour battery energy storage systems. Specifically, they include: the Eagle Springs project in Delta County (77 MWac solar + 33 MWac storage); the Lupinus 1 project in Franklin County (161.5 MWac solar + 82 MWac storage); and the Lupinus 2 project (241 MWac solar + 121.5 MWac storage). All projects commenced construction by the end of 2025, with Eagle Springs expected to reach commercial operation by the end of 2025, and Lupinus 1 and Lupinus 2 expected to come online by the end of 2027.
These projects will serve the growing electricity demand driven by the expansion of manufacturing and data centers in Texas, particularly the load growth on the ERCOT grid, which serves over 26 million customers and operates the state's independent power market.
Sunraycer CEO David Lillefloren stated that this financing represents another significant milestone in the company's efforts to scale its platform and deliver critical energy infrastructure. MUFG Managing Director and Head of North American Power Louise Pesce noted that MUFG led the financing and looks forward to Sunraycer's continued high-level execution. Ally Bank Head of Energy & Infrastructure Corporate Finance Dan Bernstein emphasized that the financing demonstrates the bank's ability to provide customized solutions for clients in the energy sector. Nomura Global Head of Infrastructure & Power Vinod Mukani and Managing Director Alain Halimi stated that the transaction reflects a commitment to the energy transition and reliable power supply. Nord/LB Head of Structured Finance Origination Sondra Martinez commented that the portfolio highlights the developer's ability to advance complex projects. Societe Generale Energy Plus Group's Sang Joon Lee stated that the financing supports ERCOT load growth and global energy transition goals.
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