From: Mercom India
Sunraycer Renewables, a developer, owner, and operator of clean energy power sites, has closed a $901 million project financing facility to support three solar and battery storage projects in Texas.
The financing was provided by MUFG Bank, Ally Bank, Nomura Securities International, Norddeutsche Landesbank Girozentrale, and Société Générale.
The facility includes a construction-to-term loan, a tax credit bridge loan, and a letter-of-credit facility. Proceeds will support the construction and operation of three projects totaling 479.5 MW of solar generation capacity and 236.5 MW of paired two-hour battery energy storage systems.
The portfolio comprises the 77 MW Eagle Springs solar project with 33 MW of battery storage in Delta County, the 161.5 MW Lupinus 1 solar project with 82 MW of battery storage in Franklin County, and the 241 MW Lupinus 2 solar project with 121.5 MW of battery storage, also in Franklin County.
All three projects began construction in late 2025. Eagle Springs is expected to reach commercial operation later in 2026, while Lupinus 1 and Lupinus 2 are expected to follow in late 2027.
Additionally, in March 2026, Sunraycer signed two long-term power purchase agreements with Google for the Lupinus and Lupinus 2 solar projects in Texas.
Orrick, Herrington & Sutcliffe advised Sunraycer, while Milbank and Holland & Knight advised the lenders on the transaction.
The company said the projects are intended to support rising electricity demand in Texas, including demand from manufacturing and data center expansion within the Electric Reliability Council of Texas grid.
In its recent Short-Term Energy Outlook, the EIA forecasts that annual electric power generation from utility-scale solar will surpass coal for the first time in 2026 in the electricity grid covering most of Texas, with solar generation expected to reach 78 billion kWh in ERCOT.
The transaction marks Sunraycer’s second portfolio financing in about 12 months and brings its total capital raised across project finance and tax equity to approximately $1.6 billion during that period. Previously, in 2025, the company secured a $475 million project financing facility from MUFG Bank, Nomura Securities International, and Norddeutsche Landesbank Girozentrale for the development and construction of Gaia and Midpoint solar and battery energy storage projects in Texas.
According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, announced large-scale solar project funding increased by 61% in Q1 2026 compared with the funding raised in the same period in 2025.
