Sunraycer Renewables LLC, a developer, owner, and operator of clean energy power sites, on May 14 announced the closing of a $901-million project financing facility with MUFG Bank, Ltd. (MUFG), Ally Bank, Nomura Securities International, Inc. (Nomura), Norddeutsche Landesbank Girozentrale (Nord/LB), and Societe Generale. This marks Sunraycer’s second portfolio financing in about 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.
These projects will play a critical role in supporting the growing demand for electricity driven by manufacturing and data center expansion across Texas, particularly within the ERCOT grid, which serves more than 26-million customers and operates the state’s independent electricity market.
“This financing represents another significant milestone for Sunraycer as we continue to scale our platform and deliver critical energy infrastructure to meet accelerating demand,” said David Lillefloren, CEO of Sunraycer. “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 continues to advance a robust pipeline of solar and storage projects across key U.S. markets, focused on delivering integrated solutions that enhance grid reliability, support economic growth, and accelerate the transition to a cleaner energy future.
“MUFG is thrilled to have led Sunraycer’s Eagle Springs and Lupinus 1&2 project financing. The Sunraycer and MUFG teams built off the success of the inaugural project financing in 2025 to finance three more assets that will help have a positive impact for ERCOT’s power supply needs. We remain impressed with the platform and expect the team to continue executing at a high level,” said Louise Pesce, managing director and head of North American Power at MUFG.
“We’re proud to partner with Sunraycer on this significant financing that will help power Texas’ growing energy needs,” said Dan Bernstein, head of Energy & Infrastructure Corporate Finance, Ally Bank. “This financing demonstrates Ally Corporate Finance’s growing capabilities in the energy sector and our relationship-focused approach to delivering customized financing solutions for clients driving the future of sustainable infrastructure.”
“We are excited to once again support Sunraycer for its Eagle Springs and Lupinus solar and storage projects located in Texas. The transaction exemplifies our commitment to financing best-in-class infrastructure projects that drive the energy transition and provide reliability for the increase in energy demand,” said Vinod Mukani, global head of Nomura’s Infrastructure & Power Business, and Alain Halimi, managing director of Nomura Infrastructure & Power. “This partnership reflects Nomura’s dedication to providing innovative financing solutions that accelerate the deployment of critical energy infrastructure. We look forward to continuing our support as Sunraycer scales their operations and delivers sustainable energy solutions to communities worldwide.”
“We are proud to have led another financing for Sunraycer with the close of the Eagle Springs and Lupinus transactions. The portfolio reflects a strong combination of solar and storage assets designed to deliver reliable power into ERCOT, and highlights the sponsor’s ability to successfully develop and advance complex projects. We are excited to support Sunraycer as they continue to execute on a growing and well-positioned platform in the U.S. renewables market. This transaction underscores NORD/LB’s commitment to leading high-quality energy financings and further strengthening our relationship with Sunraycer,” said Sondra Martinez, head of Structured Finance Originations.
“Societe Generale is excited to have supported the Sunraycer team on the Eagle Springs and Lupinus 1&2 project financing. This financing underscores our strong partnership with Sunraycer and supports ERCOT’s increasing load growth. We are committed to advancing the global energy transition and to helping the US reach its net-zero carbon emissions targets,” said Sang Joon Lee of Societe Generale Energy Plus Group. “We recognize the vast economic potential of the renewable market as one of the fastest growing sources of power in ERCOT and are thrilled to partner with top tier developers like Sunraycer as they continue to lead the growth of renewable power generation.”
Sunraycer was advised by Orrick, Herrington & Sutcliffe LLP as legal counsel. The lenders were advised by Milbank LLP and Holland & Knight LLP.
—This content was contributed by the communications team for Sunraycer Renewables.
