Lydian Energy, an independent power producer specializing in the development of solar and energy storage projects, announced the financial closure of $233 million in project financing to support the development of three battery energy storage projects in Texas.
ING and KeyBank backed the financing.
ING served as the lender for the Pintail and Crane projects, representing a combined investment of approximately $139 million. The projects, each having a capacity of 200 MW/400 MWh, are located in San Patricio and Crane Counties, Texas.
KeyBank provided a $94 million financing package for the 150 MW/300 MWh Headcamp project in Pecos County. KeyBanc Capital Markets also structured the financing package for the Headcamp project.
The three projects are developed under the Excelsior Energy Capital’s Fund II, which recently closed at over $1 billion. The projects are currently under construction and are expected to be commissioned in the fourth quarter of 2025.
“Lydian Energy’s development of Headcamp reflects the type of forward-looking energy infrastructure we aim to support through strategic financing,” said Tyler Nielsen, Managing Director, Utilities Power and Renewables Group at KeyBanc Capital Markets. “Our team is thrilled to support Excelsior Energy Capital as they continue to deliver strategic, future-ready investments and projects that are increasingly vital as energy demand and system complexity continue to rise.”
“This financing marks an important step forward as we continue executing on our vision to scale transformative battery storage projects that meet the evolving energy needs of the communities we serve,” said Emre Ersenkal, CEO at Lydian Energy.
Lydian’s current portfolio comprises 20 solar and storage projects totaling 4.7 GW capacity.
According to Mercom’s Q1 2025 Funding and M&A Report for Energy Storage and Smart Grid, announced Energy Storage project funding increased 142% year-over-year in 2025.
Earlier this week, AMPYR Australia, a part of AMPYR Energy, a renewable energy group, announced the financial closure of the 300 MW/600 MWh Wellington Stage 1 battery energy storage project located in New South Wales. The company has signed a 10-year virtual offtake agreement with Zen Energy Retail for 150 MW of the Wellington Stage 1 BESS capacity.
