Sunraycer has secured $475 million in a fresh financing round for 241 MW AC solar and 125 MW AC BESS capacity
The 2 beneficiary projects are scheduled to start commercial operations later this year
These facilities will support the growing demand from manufacturing and data centers in Texas
US-based renewable energy developer Sunraycer Renewables has achieved financial close for $475 million from a consortium of international lenders to advance its solar and battery energy storage system (BESS) projects in Texas, US.
It will support the construction and operation of 2 projects with a combined 241 MW AC of solar and 125 MW AC of co-located BESS capacity.
One of the projects, Gaia is located in the Navarro County with 143 MW AC solar and 75 MW AC BESS capacity. The Midpoint solar project in Hill County with 97.5 MW AC solar and 50 MW AC BESS has been under construction since late 2024.
Sunraycer expects to start commercial operations for both the facilities before the end of this year. It sees these projects as supporting the growing demand for energy from manufacturing and data centers in Texas for the next several years.
Its lenders include MUFG Bank, Nomura Securities International, and Norddeutsche Landesbank Girzonentrale (Nord/LB). The facility is divided between a construction-to-term loan and a tax credit bridge loan which is thanks to Investment Tax Credit (ITC) transferability provisions in the Inflation Reduction Act (IRA). It also comprises a letter of credit facility.
Sunraycer CEO David Lillefloren said this transaction is the next step in the company’s growth toward becoming a leading independent power producer (IPP) in the US.
The company has now raised $675 million in total capital over the last 6 months. In March 2025, Sunraycer closed a $200 million credit facility to support 4 GW of solar and storage portfolio (see North America Solar PV News Snippets: Arevon Lands $509 Million Financing & More).