Mitsubishi UFJ Financial Group (MUFG) and Nomura Securities International have announced a $388m financing package for Greenalia’s Misae Solar Park II (Misae II) in the US state of Texas.
The package includes a $295m construction-to-term loan and a $93m letter of credit facility.
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Misae II is Greenalia’s first US development, and marks a significant step in renewable energy expansion.
The 3,970-acre site in Childress County will be one of Texas’s largest solar developments.
The project will feature a 430 megawatts direct current /331.6 megawatts alternating current photovoltaic system and is expected to reach commercial operation by the third quarter of 2025.
MUFG managing director and project finance lead Louise Pesce stated: “We’re thrilled to support Greenalia by leading this complex and successful transaction.
“Greenalia’s innovation and MUFG’s expertise will help the state of Texas increase energy capacity with renewable solar power.”
MUFG and Nomura acted as co-ordinating lead arrangers and bookrunners, with MUFG also serving as the administrative agent.
The project benefits from two ERCOT (Electric Reliability Council of Texas) West-settled power purchase agreements for 65% of its energy output and renewable energy certificates (RECs).
The remaining 35% of energy will be sold in the merchant ERCOT market.
Greenalia CEO Manuel Garcia stated: “This transaction is a major step for Greenalia’s US expansion. With the help of MUFG and Nomura, we are on track to reach 1GW of operational projects by 2026.”
Misae II has secured a fixed-price production tax credit transfer agreement and a separate fixed-price agreement for 40% of its RECs.
In a related development, Adapture Renewables has secured $321m in financing from MUFG for the construction of the 441MW Titanium solar portfolio in the US.
The financing is structured as a construction loan and a tax credit bridge loan. The Titanium portfolio spans three sites in Arkansas and Illinois, expected to power 71,000 homes annually.
Construction of the first site, the Cooks Mill project, commenced in September 2024 and will be operational by early 2026.
