Sunraycer Renewables secures $475m in project financing for solar and energy storage projects in Texas
From Yahoo Finance: 2025-04-09 10:23:00
Sunraycer Renewables secures a $475m project financing facility with MUFG Bank, Nomura Securities International, and Norddeutsche Landesbank Girzonentrale (Nord/LB). Total capital raised by the company since November 2024 now stands at $675m. The financing includes construction-to-term loan and tax credit bridge loan, made possible by ITC transferability provisions from the Inflation Reduction Act. The facility also entails a letter of credit to enhance financial flexibility. Funds will be used for two solar and energy storage projects in Texas, providing 241MWac of solar capacity and 125MWac of battery storage. The first project, Gaia, in Navarro County, will have 143MWac of solar power and 75MWac of battery storage, while the second project, Midpoint, in Hill County, will offer 97.5MWac of solar power and 50MWac of battery storage. Both projects are expected to begin commercial operation in 2025 and will help meet energy demand in Texas’s industrial and data center sectors, supporting the Electric Reliability Council of Texas grid serving 26 million residents. Sunraycer Renewables also operates the Accelerant Programme, providing financial solutions to smaller developers and offering institutional services like operations and energy management. Sunraycer CEO David Lillefloren sees this financing as a significant step towards becoming a leading independent power producer in the US, emphasizing the company’s commitment to advancing clean energy initiatives.
Read more at Yahoo Finance: Sunraycer Renewables secures $475m project financing facility