Sunraycer Renewables has secured a $475m project financing facility with MUFG Bank, Nomura Securities International and Norddeutsche Landesbank Girzonentrale (Nord/LB).
The agreement increases the total capital raised by the company to $675m since November 2024.
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The financing is divided into a construction-to-term loan and a tax credit bridge loan. This structure is now available due to the ITC transferability provisions introduced by the Inflation Reduction Act.
The facility also includes a letter of credit, enhancing the company’s financial flexibility.
The raised capital will be directed towards the development and operation of two solar and energy storage projects in Texas, US.
Together, these initiatives will provide 241 megawatts alternating current (MWac) of solar capacity alongside 125MWac of combined battery storage.
The first project, Gaia, which is situated in Navarro County, will feature 143MWac of solar power and 75MWac of battery storage.
The second, Midpoint, located in Hill County, will deliver 97.5MWac of solar power with 50MWac of battery storage.
Midpoint’s construction commenced late in 2024 and both projects are set to enter commercial operation during 2025.
Gaia and Midpoint will play a pivotal role in addressing the rising demand for energy from Texas’s industrial and data centre sectors.
They will be especially significant within the Electric Reliability Council of Texas grid, which serves 26 million residents in the state. The additional energy capacity these projects offer will be vital to the grid in the coming years.
Sunraycer Renewables also runs the Accelerant Programme, which provides flexible financial solutions to smaller developers.
This initiative grants access to institutional services such as operations and energy management. It has helped establish Sunraycer as a reliable partner in the industrial energy sector.
Sunraycer CEO David Lillefloren stated: “This transaction reflects the next step in Sunraycer’s growth toward becoming a leading IPP [ independent power producer] in the United States. We are pleased to be working with MUFG, Nomura and Nord/LB, some of the most active project finance lenders in the renewable energy space.
“The financing further strengthens Sunraycer’s commitment to advancing clean energy initiatives across the US.”
