Lydian Energy has secured $689m in financing to support the development of two solar power projects and one battery storage project in the US.
The funding, provided by CIBC and MUFG, will be used for the AC Ranch 1 solar project in New Mexico, the Yellow Viking facility in Texas and the Faraday BESS (battery energy storage system) in Utah.
The financial package includes a construction-to-term loan, a co-investment bridge loan, a tax credit bridge loan and a letter of credit facility.
AC Ranch 1 is a 75MW-alternating current (MWac)/100MW-direct current (MWdc) solar photovoltaic installation operating under a busbar power purchase agreement (PPA) with an investment-grade buyer.
Yellow Viking, situated within ERCOT's Oncor territory, is a 170MWac/210MWdc solar project with 100MW contracted through a PPA.
Faraday BESS Phase 1 is planned as a 150MW/733 megawatt-hour battery storage facility supported by a long-term agreement with an investment-grade counterparty.
Lydian Energy CEO Emre Ersenkal said: “This transaction marks a major milestone for Lydian Energy, as it is the first full-stack financing we have closed, and it is especially notable to do so with industry-leading lenders MUFG and CIBC.
“We are excited about this significant financing, which creates a strong precedent for future investments across Lydian Energy’s pipeline and unlocks capital to support continued growth.”
Lydian Energy currently manages a portfolio comprising 18 solar and energy storage projects with a combined capacity of 4.4GW.
The company works with financial institutions, regulatory bodies and local communities to implement infrastructure that meets specific regional requirements and policy targets.
Lydian Energy board chair Chris Moakley said: “We are proud that these financings are helping meet the need for reliable, sustainable and affordable domestic energy and very grateful for the commitment of MUFG, CIBC and other participating lenders. We are pleased to support Lydian’s talented team as they build these much-needed solar and battery storage projects.”
In July 2025, the company completed financial close on its first financing agreement, valued at $233m.
