Sunraycer Renewables Closes $901 Million Project Financing Facility with MUFG Bank, Ltd., Ally Bank, Nomura Securities International, Inc., Norddeutsche Landesbank Girozentrale, and Societe Generale
Comprised of a construction-to-term loan, bridge loan, and letter of credit facility to construct and operate Eagle Springs, Lupinus 1, and Lupinus 2 solar and battery energy storage projects
ANNAPOLIS, Md., May 14, 2026 /PRNewswire/ -- Sunraycer Renewables LLC ("Sunraycer"), a leading developer, owner, and operator of clean energy power sites, announced today the closing of a $901 million project financing facility with MUFG Bank, Ltd. (MUFG), Ally Bank, Nomura Securities International, Inc. (Nomura), Norddeutsche Landesbank Girozentrale (Nord/LB), and Societe Generale. This marks Sunraycer's second portfolio financing in approximately 12 months and brings total capital raised across project finance and tax equity to roughly $1.6 billion during that period.
The facility is comprised of a construction-to-term loan, a tax credit bridge loan, and a letter of credit facility.
Proceeds from the financing will support the construction and operation of three Sunraycer projects in Texas, totaling 479.5 MWac of solar generation and 236.5 MWac of paired two-hour battery energy storage systems. The portfolio includes:
- Eagle Springs: 77 MWac solar + 33 MWac battery storage project located in Delta County
- Lupinus 1: 161.5 MWac solar + 82 MWac battery storage project located in Franklin County
- Lupinus 2: 241 MWac solar + 121.5 MWac battery storage project located in Franklin County
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.
These projects will play a critical role in supporting the growing demand for electricity driven by manufacturing and data center expansion across Texas, particularly within the ERCOT grid, which serves more than 26 million customers and operates the state's independent electricity market.
"This financing represents another significant milestone for Sunraycer as we continue to scale our platform and deliver critical energy infrastructure to meet accelerating demand," said David Lillefloren, Chief Executive Officer of Sunraycer. "We are proud to partner with a highly respected group of financial institutions on this transaction, and we remain focused on executing projects that combine solar generation and energy storage to provide reliable, cost-effective power to the grid."
Sunraycer continues to advance a robust pipeline of solar and storage projects across key U.S. markets, focused on delivering integrated solutions that enhance grid reliability, support economic growth, and accelerate the transition to a cleaner energy future.
"MUFG is thrilled to have led Sunraycer's Eagle Springs and Lupinus 1&2 project financing. The Sunraycer and MUFG teams built off the success of the inaugural project financing in 2025 to finance three more assets that will help have a positive impact for ERCOT's power supply needs. We remain impressed with the platform and expect the team to continue executing at a high level," said Louise Pesce, Managing Director and Head of North American Power at MUFG.
"We're proud to partner with Sunraycer on this significant financing that will help power Texas' growing energy needs," said Dan Bernstein, head of Energy & Infrastructure Corporate Finance, Ally Bank. "This financing demonstrates Ally Corporate Finance's growing capabilities in the energy sector and our relationship-focused approach to delivering customized financing solutions for clients driving the future of sustainable infrastructure."
"We are excited to once again support Sunraycer for its Eagle Springs and Lupinus solar and storage projects located in Texas. The transaction exemplifies our commitment to financing best-in-class infrastructure projects that drive the energy transition and provide reliability for the increase in energy demand," said Vinod Mukani, Global Head of Nomura's Infrastructure & Power Business, and Alain Halimi, Managing Director of Nomura Infrastructure & Power. "This partnership reflects Nomura's dedication to providing innovative financing solutions that accelerate the deployment of critical energy infrastructure. We look forward to continuing our support as Sunraycer scales their operations and delivers sustainable energy solutions to communities worldwide."
"We are proud to have led another financing for Sunraycer with the close of the Eagle Springs and Lupinus transactions. The portfolio reflects a strong combination of solar and storage assets designed to deliver reliable power into ERCOT, and highlights the sponsor's ability to successfully develop and advance complex projects. We are excited to support Sunraycer as they continue to execute on a growing and well-positioned platform in the U.S. renewables market. This transaction underscores NORD/LB's commitment to leading high-quality energy financings and further strengthening our relationship with Sunraycer," said Sondra Martinez, Head of Structured Finance Originations.
"Societe Generale is excited to have supported the Sunraycer team on the Eagle Springs and Lupinus 1&2 project financing. This financing underscores our strong partnership with Sunraycer and supports ERCOT's increasing load growth. We are committed to advancing the global energy transition and to helping the US reach its net-zero carbon emissions targets," said Sang Joon Lee of Societe Generale Energy Plus Group. "We recognize the vast economic potential of the renewable market as one of the fastest growing sources of power in ERCOT and are thrilled to partner with top tier developers like Sunraycer as they continue to lead the growth of renewable power generation."
Sunraycer was advised by Orrick, Herrington & Sutcliffe LLP as legal counsel. The lenders were advised by Milbank LLP and Holland & Knight LLP.
About Sunraycer Renewables, LLC
Sunraycer, a Crayhill Capital Management portfolio company, is a rapidly-growing, Annapolis, Maryland-based Independent Power Producer (IPP), that has a development, construction-stage, and operational pipeline of approximately 3 GW of solar and battery utility-scale power plants. The company prioritizes industry-leading best practices in transmission analytics, land analysis, and valuation, emphasizing flexibility and optimization to adapt to evolving market conditions and technologies. Sunraycer leverages enterprise-scale partnerships with proven industry leaders, as well as an experienced and driven in-house team of renewable energy experts, to accelerate the deployment of development-stage projects.
About MUFG
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 40 countries. The Group has about 150,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to "be the world's most trusted financial group" through close collaboration among our operating companies and flexible response to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english.
About Ally Bank
Ally Financial Inc. (NYSE:ALLY) is a financial services company with the nation's largest all-digital bank and an industry-leading auto financing business, driven by a mission to "Do It Right" and be a relentless ally for customers and communities. The company serves customers with deposits and securities brokerage and investment advisory services as well as auto financing and insurance offerings. The company also includes a seasoned corporate finance business that offers capital for equity sponsors and middle-market companies. For more information, please visit www.ally.com.
For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.
For further images and news on Ally, please visit http://media.ally.com.
About Nomura
Nomura is a global financial services group with an integrated network spanning approximately 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Wealth Management, Investment Management, and Wholesale (Global Markets and Investment Banking). Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.
About Nord/LB
NORD/LB Norddeutsche Landesbank is one of Germany's leading commercial banks. As an institute under public law, it is part of the S-Finance Group. Its core business segments include corporate customers, special financing in the energy and infrastructure sectors, financing commercial real estate via Deutsche Hypo, capital market business, association business with the savings banks and private and commercial customers including private banking. The bank is based in Hanover, Braunschweig and Magdeburg and has branches in Oldenburg, Hamburg, Schwerin, Düsseldorf and Munich. Outside Germany NORD/LB is represented by a Pfandbrief bank (NORD/LB Covered Bond Bank) in Luxembourg and by branches in London, New York and Singapore.
About Societe Generale
Societe Generale is a top-tier European Bank with around 110,000 employees serving 27 million clients in 58 countries across the world. We have been supporting the development of our economies for over 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective - to deliver sustainable value creation for all our stakeholders.
The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:
- French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
- Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
- Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
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Sunraycer Media Inquires
Jake Forrestal
Prosek Partners
pro-crayhill@prosek.com
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