Lydian Energy, an independent power producer, 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, backed by CIBC and MUFG, comprises a construction-to-term loan, a tax credit bridge loan, a co-investment bridge loan, and a letter of credit facility.
The two solar projects include the 75 MWac/100 MWdc AC Ranch 1 in New Mexico and the 170 MWac/210 MWdc Yellow Viking project in Texas, which benefits from a 100 MW power purchase agreement with an investment-grade off-taker.
Further, the 150 MW/733 MWh Faraday battery storage project in Utah is also backed by a long-term power purchase agreement with another investment-grade off-taker.
“This transaction marks a major milestone for Lydian Energy, as it is the first full-stack financing we’ve closed, and it’s especially notable to do so with industry-leading lenders MUFG and CIBC,” said Emre Ersenkal, CEO at Lydian Energy. “We are excited about this significant financing, which creates a strong precedent for future investments across Lydian Energy’s pipeline and unlocks capital to support continued growth.”
Lydian’s current portfolio includes 18 solar and storage projects with a combined capacity of 4.4 GW. The company is backed by the clean energy infrastructure fund Excelsior Energy Capital.
Previously, in 2025, the company raised $233 million in project financing to support the development of three battery energy storage projects in Texas. The projects, each with a capacity of 200 MW/400 MWh, are located in San Patricio and Crane Counties, Texas.
Large-scale solar project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
In February, Grenergy, a renewable energy company, closed a $355 million senior non-recourse financing agreement for its Gran Teno, Tamango, and Planchón projects, which together contribute 398 MW of solar capacity and 1.4 GWh of battery energy storage capacity to the Central Oasis platform in Chile.
