Sunraycer Renewables closes $901 million project financing for Texas solar and battery storage portfolio

Type: Financing · Technology: Hybrid · Country: United States · Capacity: 479.5 MW · Value: $901M · Announced: 2026-05-14

Sunraycer Renewables secured a $901 million project financing facility to fund the construction and operation of three solar and battery storage projects in Texas. The financing, provided by MUFG Bank, Ally Bank, Nomura Securities International, Nord/LB, and Societe Generale, includes a construction-to-term loan, a tax credit bridge loan, and a letter of credit facility. This portfolio includes a 479.5 MWac solar capacity and 236.5 MWac of two-hour battery storage, located within the ERCOT market. The projects, which began construction in late 2025, include the 77 MWac Eagle Springs solar project with 33 MWac of battery storage in Delta County, and the 161.5 MWac Lupinus 1 and 241 MWac Lupinus 2 solar projects, each with 82 MWac and 121.5 MWac of battery storage respectively, both in Franklin County. Eagle Springs is slated for commercial operation in late 2026, with Lupinus 1 and Lupinus 2 following in late 2027, marking Sunraycer's second portfolio financing in approximately 12 months.

Analysis

Sunraycer Renewables secured $901 million in project financing for three Texas solar and battery storage projects totaling 479.5 MWac solar and 236.5 MWac of storage. Lenders MUFG Bank, Ally Bank, Nomura Securities International, Nord/LB, and Societe Generale provided the facility, which includes a construction-to-term loan and a tax credit bridge loan. Milbank and Orrick, Herrington & Sutcliffe LLP advised on the transaction, which is slated for construction to begin in late 2025 within the ERCOT market. The Eagle Springs project is expected to reach commercial operation in late 2026, with the Lupinus 1 and 2 projects following in late 2027.

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