Sunraycer Renewables, a developer, owner and operator of clean energy power sites, closed a $901 million project financing facility with MUFG Bank, Ally Bank, Nomura Securities International, Norddeutsche Landesbank Girozentrale (Nord/LB) and Societe Generale. This marks Sunraycer’s second portfolio financing in approximately 12 months and brings total capital raised across project finance and tax equity to roughly $1.6 billion during that period.
The facility is comprised of a construction-to-term loan, a tax credit bridge loan and a letter of credit facility.
Proceeds from the financing will support the construction and operation of three Sunraycer projects in Texas, totaling 479.5 MWac of solar generation and 236.5 MWac of paired two-hour battery energy storage systems. The portfolio includes:
- Eagle Springs: 77 MWac solar + 33 MWac battery storage project located in Delta County
- Lupinus 1: 161.5 MWac solar + 82 MWac battery storage project located in Franklin County
- Lupinus 2: 241 MWac solar + 121.5 MWac battery storage project located in Franklin County
All three projects began construction in late 2025. Eagle Springs is expected to reach commercial operation later this year, with Lupinus 1 and Lupinus 2 following in late 2027.
“This financing represents another significant milestone for Sunraycer as we continue to scale our platform and deliver critical energy infrastructure to meet accelerating demand,” David Lillefloren, CEO of Sunraycer, said. “We are proud to partner with a highly respected group of financial institutions on this transaction, and we remain focused on executing projects that combine solar generation and energy storage to provide reliable, cost-effective power to the grid.”
Sunraycer was advised by Orrick, Herrington & Sutcliffe as legal counsel. The lenders were advised by Milbank LLP and Holland & Knight.
