Treaty Oak Clean Energy, an independent power producer, announced the closing of a $300 million senior secured corporate credit facility. The facility will enhance Treaty Oak’s renewable energy project pipeline, which includes utility-scale solar, wind, and battery energy storage assets.
The funding was led by ING Capital, Nomura Corporate Funding Americas, and Sumitomo Mitsui Banking Corporation, serving as coordinating lead arrangers. ING served as the green loan agent, while Nomura served as the administrative agent for the transaction. PEI Global Partners served as the exclusive financial advisor to Treaty Oak. Latham & Watkins acted as borrower’s counsel, and Norton Rose Fullbright US served as lenders’ counsel.
Proceeds from funding are said to support the company’s strategic growth objectives, providing essential capital for interconnection and offtake letters of credit, equipment procurement, and general corporate expenses to advance its project pipeline.
“This Facility strategically positions us to accelerate our buildout of important renewable projects in the U.S. and opportunistically approach a market that is experiencing significant regulatory change,” said Chris Elrod, Treaty Oak’s Chief Executive Officer. “This financing reflects strong lender confidence in our business model and management team and gives us a competitive advantage.”
Treaty Oak’s pipeline includes 17.3 GW of utility-scale solar, wind, and BESS projects diversified across the major power markets within the U.S. In 2024, the company began construction on the 100 MW Redfield solar project in Arkansas and expects to break ground on an additional 385 MW of solar projects in Louisiana in 2025.
According to Mercom’s 1H 2025 Solar Funding and M&A report, solar debt financing activity in 1H 2025 reached $7.8 billion across 41 deals, representing a 41% decrease compared to 1H 2024, when $13.2 billion was raised in 51 deals.
In May, Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, secured a multi-currency credit facility valued at up to $415 million. This corporate funding was backed by a consortium of four major banks: Banco Santander, Rabobank, Intesa Sanpaolo, and Morgan Stanley.
