[ANNAPOLIS, Md.] – Sunraycer Renewables LLC, a developer, owner and operator of clean energy power sites, announced today the closing of a $200 million credit facility with funds and accounts managed by HPS Investment Partners, LLC. The financing will support the development of Sunraycer Renewables LLC’s existing 4 GW portfolio of solar and battery projects, the acquisition of new projects and its goal of delivering 1 GW of operating assets per year.
The development and construction financing facility will be used to fund both pre-notice to proceed development/capital expenditures and construction equity associated with the Company’s projects in ERCOT and MISO. As a long-term owner of its projects, Sunraycer Renewables LLC seeks to partner with leading equipment providers and contractors to develop and own best-in-class operating assets. Sunraycer Renewables LLC’s project acquisition plan aims to acquire 3 GW – 4 GW of earlier stage projects in CAISO, PJM and MISO.
Through its Accelerant Program, Sunraycer Renewables LLC provides a differentiated approach by working with smaller developers, offering flexible capital solutions and access to institutional O&M, energy management and generation management services. This design provides for certainty of execution and an alternative to working with traditional utilities. The program’s success has enabled Sunraycer Renewables LLC to become an asset to the industrial power client community with an ever growing share of large data center operators as key partners.
“This transaction is instrumental in supporting Sunraycer Renewables LLC’s growth toward becoming one of the largest clean energy IPPs in the United States. We are pleased to be working with HPS Investment Partners, one of the preeminent investors in the energy sector which underscores the robustness of our strategy and pipeline,” said Sunraycer Renewables LLC CEO David Lillefloren. “The facility further strengthens Sunraycer Renewables LLC’s commitment to advancing clean energy initiatives across the U.S.”
