A $901 million project financing package has been secured to advance the construction of Sunraycer’s three utility-scale solar and battery storage projects in Texas, supporting nearly 480 MW of solar capacity and 236 MW of paired storage across the ERCOT grid.
The financing package includes a construction-to-term loan, a tax credit bridge loan, and a letter of credit facility arranged with a consortium of lenders led by MUFG Bank alongside Ally Bank, Nomura Securities International, Norddeutsche Landesbank Girozentrale, and Societe Generale.
The funding will support three projects currently under construction in Texas with a combined capacity of 479.5 MWac of solar generation and 236.5 MWac of paired battery energy storage systems.
The portfolio includes the 77 MWac Eagle Springs solar and 33 MWac battery storage project in Delta County, as well as the Lupinus 1 and Lupinus 2 projects in Franklin County. Lupinus 1 includes 161.5 MWac of solar generation paired with 82 MWac of storage, while Lupinus 2 will deliver 241 MWac of solar capacity alongside 121.5 MWac of battery storage.
All three projects entered construction in late 2025. Eagle Springs is expected to begin commercial operations later this year, while the larger Lupinus projects are scheduled to come online in late 2027.
Growing electricity demand across Texas
According to Sunraycer, the projects are intended to support rapidly growing electricity demand across Texas. Particularly within the ERCOT grid, where power consumption continues to rise due to manufacturing growth and data center expansion.
The transaction marks Sunraycer’s second portfolio financing within approximately one year. And brings the company’s total project finance and tax equity capital raised over the period to about $1.6 billion.
David Lillefloren, Chief Executive Officer of Sunraycer, said the financing represents another major milestone as the company continues scaling its solar and storage platform across key U.S. energy markets.
Sunraycer said it continues to advance a broader pipeline of integrated renewable energy and storage developments focused on grid reliability and long-term energy demand growth in the United States.
Additionally, The financing comes as U.S. solar supply chain expansion accelerates, with manufacturers such as Canadian Solar advancing domestic production, including its flagship Indiana HJT solar cell factory, which recently entered trial production ahead of a July 2026 commercial launch.
Factsheet: Sunraycer Secures $901M Financing for Texas Solar + Storage Portfolio
- $901 million project financing secured by Sunraycer Renewables
- Portfolio includes three Texas solar + battery storage projects
- Total capacity: 479.5 MWac solar + 236.5 MWac battery storage
- Financing includes construction-to-term loan, tax credit bridge loan, and letter of credit facility
- Lenders include MUFG Bank, Ally Bank, Nomura Securities International, Nord/LB, and Société Générale
- Project locations: Delta County and Franklin County, Texas
Projects included:
Eagle Springs: 77 MWac solar + 33 MWac storage
Lupinus 1: 161.5 MWac solar + 82 MWac storage
Lupinus 2: 241 MWac solar + 121.5 MWac storage
- All three projects began construction in late 2025 under Sunraycer Renewables
- Eagle Springs expected to reach commercial operation later in 2025
- Lupinus 1 and Lupinus 2 expected online in late 2027
- Portfolio designed to support growing electricity demand in Texas
- Focus markets include ERCOT grid driven by manufacturing and data center expansion
- Transaction marks Sunraycer’s second portfolio financing in 12 months
- Total capital raised in period: $1.6 billion (project finance + tax equity)
