Renewable energy developer Sunraycer Renewables announced that it has secured $901 million in financing to support the construction and operation of three solar and battery energy storage projects in Texas.
Founded in 2021, Maryland-based Sunraycer focuses on the development, financing, ownership and operation of utility-scale solar and battery energy storage projects across the U.S., with a particular focus on Texas.
The company said that the three new projects are expected to generate a total of 479.5 MWac of solar generation capacity and 236.5 MWac of paired two-hour battery energy storage systems. According to Sunraycer, the projects are aimed at supporting rising electricity demand in Texas driven by manufacturing growth and data center expansion, particularly within the ERCOT grid, which covers 90% of the state’s electrical grid and serves around 26 million customers.
David Lillefloren, Chief Executive Officer of Sunraycer 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.”
Banks participating in the financing included MUFG, Ally Bank, Nomura, Nord/LB, and Societe Generale. The facility comprised of a construction-to-term loan, a tax credit bridge loan, and a letter of credit facility, 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.
Sang Joon Lee of Societe Generale Energy Plus Group said:
“We are committed to advancing the global energy transition and to helping the US reach its net-zero carbon emissions targets. 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.”
