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The US$475 million facility is divided between a construction-to-term loan and a tax credit bridge loan. Image: Unsplash.
US renewable energy company Sunraycer Renewables has closed a US$475 million project financing facility for two solar-plus-storage projects in Texas.
Financing was closed with MUFG Bank, Nomura Securities International and Norddeutsche Landesbank Girzonentrale (Nord/LB).
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The US$475 million facility is divided between a construction-to-term loan and a tax credit bridge loan. It also includes a letter of credit.
Sunraycer’s two solar-plus-storage projects include the 143MW PV and 75MW battery storage Gaia project in Navarro County, Texas and the 97.5MW PV and 50MW battery storage Midpoint project located in Hill County, Texas.
The projects have a total capacity of 241MW solar PV and 125MW battery energy storage, and Sunraycer says they are expected to reach commercial operations later this year.
The company highlights the need for the projects amidst the increased manufacturing and data centre activity within the Electric Reliability Council of Texas (ERCOT) market.
Annapolis, Maryland-based Sunraycer is owned by private asset management firm Crayhill Capital Management. The company claims to have a development and construction pipeline of approximately 2GW of solar and 2GW of battery energy storage system (BESS) projects.
Read the full version of this article on our sister site, Energy-storage.news.
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https://www.pv-tech.org/sunraycer-renewables-bags-us475-million-for-solar-plus-storage-projects-in-texas/
