Sunraycer Renewables has finalised a $901m project financing facility towards the development and operation of three solar and battery storage projects in Texas, US.
The projects will have a combined capacity of 479.5MW-alternating current (MWac) of solar power and 236.5MWac of battery storage.
The banks involved in the financing are MUFG Bank, Ally Bank, Nomura Securities International, Norddeutsche Landesbank Girozentrale and Société Générale.
The portfolio comprises three projects; Eagle Springs in Delta County with 77MWac of solar capacity and a 33MWac battery storage system.
Lupinus 1 in Franklin County has 161.5MWac of solar power paired with an 82MWac battery storage system, while Lupinus 2, also in Franklin County, offers 241MWac of solar power and a 121.5MWac battery storage system.
Construction on all these projects commenced in late 2025.
Eagle Springs is expected to begin commercial operations later this year, followed by Lupinus 1 and 2 in late 2027.
This achievement marks Sunraycer’s second substantial financing effort in the past year, contributing to a total capital raise of $1.6bn through project finance and tax equity.
Sunraycer CEO David Lillefloren said: “This financing represents another significant milestone for Sunraycer as we continue to scale our platform and deliver critical energy infrastructure to meet accelerating demand.
“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.”
The financing package includes a construction-to-term loan, a tax credit bridge loan and a letter of credit facility.
These developments aim to address increasing electricity demand driven by manufacturing and data centre growth across Texas, primarily within the Electric Reliability Council of Texas grid, which serves more than 26 million residents.
Sunraycer is advancing a pipeline of solar and energy storage projects in key US markets, strengthening grid reliability and supporting the transition to renewable energy.
Orrick, Herrington & Sutcliffe served as legal advisers for Sunraycer, while the lending institutions sought counsel from Milbank and Holland & Knight.
