Independent power producer (IPP) Sunraycer Renewables has closed a US$901 million project financing facility, supporting three solar-plus-storage projects in Texas, US.
Announced 14 May, the financing was closed with MUFG Bank, Ally Bank, Nomura Securities International, Norddeutsche Landesbank Girozentrale, and Societe Generale.
Sunraycer also noted that this facility, comprised of a construction-to-term loan, a tax credit bridge loan, and a letter of credit facility, is its second portfolio financing in approximately 12 months and brings total capital raised across project finance and tax equity to about US$1.6 billion during that period.
Proceeds from the financing will support the construction and operation of three Sunraycer projects in Texas, totaling 479.5MW of solar PV generation and 236.5MW of paired two-hour battery energy storage systems (BESS). The projects are further detailed in the table below.
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According to Sunraycer, all three projects began construction in late 2025. Eagle Springs is expected to reach commercial operation later this year, with Lupinus 1 and Lupinus 2 following in late 2027.
In March of this year, as Sunraycer officially announced that it had broken ground on all three projects, the company noted that McCarthy Building Companies would serve as the engineering, procurement, and construction (EPC) contractor.
Sunraycer also claimed that the Lupinus and Eagle Springs projects will support more than 200 local construction jobs and create career pathways through McCarthy’s apprenticeship programme.
McCarthy and Sunraycer are prioritising local hiring and regional suppliers, with expected expenditure on housing, goods, and services in nearby communities including Cooper, Sulphur Springs, Greenville, Mt. Vernon, and Paris, Texas.
In February, the energy storage subsidiary of Canadian Solar, e-Storage, and Sunraycer entered into agreements for the supply and long-term servicing of the Lupinus solar-plus-storage projects.
Those agreements see e-Storage providing its SolBank 3.0 BESS and delivering 10 years of services, supporting system reliability, optimising performance, and maintaining availability throughout the project. Vertically integrated solar company Canadian Solar’s leadership said last week that the company intends to double production capacity for both battery cells and BESS, which it began manufacturing in-house in 2023.

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