U.S.-based independent power producer Lydian Energy has acquired the 1.5 GW Atlas North portfolio, comprising solar plus battery energy storage systems (BESS), in North America from Hanwha Renewables, a utility-scale solar and BESS projects developer. The financial terms of the acquisition were not disclosed.
The Atlas North portfolio includes more than 1,000 MW of solar generation capacity with 450 MW/1,800 MWh of BESS across four late-stage projects. The projects are supported by grid infrastructure, including a 500 kV generation-tie transmission line connecting the facilities to the California Independent System Operator (CAISO) grid via the Cielo Azul Switchyard and the Ten West Link transmission line.
Most of the electricity and capacity from the portfolio is secured under long-term power purchase agreements with California-based load-serving entities.
“Atlas North represents Lydian’s largest investment to date. We are excited to build on our momentum as a firm and bring this ambitious project to life,” said Emre Ersenkal, CEO at Lydian Energy. “The Atlas North facilities will bring much-needed renewable power to the region.”
Lydian is backed by Excelsior Energy Capital, a clean energy infrastructure fund focused on middle-market investments in wind, solar, and battery storage projects, and businesses across North America. The company’s portfolio includes 18 solar and energy storage projects totaling 4.4 GW of capacity.
In February 2026, the company closed a $689 million financing for two solar and one battery storage projects located across three states in the U.S. The full-stack financing comprised a construction-to-term loan, a tax credit bridge loan, a co-investment bridge loan, and a letter of credit facility.
According to Mercom’s Annual and Q4 2025 Solar Funding and M&A report, approximately 37.4 GW of solar projects were acquired in 2025, compared to 37.7 GW in 2024.
In 2026, Nofar USA, the U.S. subsidiary of Israeli renewable energy independent power producer Nofar Energy, closed its previously approved acquisition of approximately 1 GW of solar energy projects from Pine Gate Renewables, a utility-scale solar project developer.
