OCI Energy, a developer of utility-scale solar and battery storage projects, Arava Power, a utility-scale renewable energy company, and ING Capital have jointly announced the successful closure of construction financing for the SunRoper Solar project.
The financing package includes a construction-to-term loan, a tax equity bridge loan, and various letters of credit. ING Capital serves as the sole coordinating lead arranger, sole bookrunner, and sole green loan coordinator, and will also act as the administrative agent.
This financing marks the second transaction between OCI Energy and ING, building on their previous collaboration.
SunRoper is a 347 MWdc solar project in Wharton County, Texas, being developed through a joint venture between OCI Energy and Arava Power.
Additional partners involved in the project include BHI and Bank of Hapoalim, which supplied financing support and letters of credit for the project’s development. Foley & Lardner served as legal counsel to the joint venture between OCI Energy and Arava Power, while Skadden, Arps, Slate, Meagher & Flom represented ING.
The total investment associated with Project SunRoper is expected to be approximately $394 million.
WHC has been appointed as the EPC contractor, and Black & Veatch is serving as the technical advisor.
“The close of construction financing for Project SunRoper represents an important milestone for OCI Energy and our partners,” said Sabah Bayatli, President of OCI Energy. “This transaction reflects our continued commitment to deliver high-quality, utility-scale solar projects that strengthen grid reliability and provide affordable energy infrastructure.”
The construction financing is supported by a 20-year power purchase agreement with a Fortune 100 company. The project is slated to begin commercial operation in Q3 2027 and is expected to support grid reliability, affordability, and emissions reduction.
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 August, Scatec secured BRL 150 million (~$27 million) non-recourse project financing for the development of a 142 MW solar project in Minas Gerais, Brazil. The funding was provided by Banco de Nordeste do Brasil.
