Sunraycer Renewables Closes $475mm Project Financing Facility with MUFG Bank, Ltd., Nomura Securities International, Inc. and Norddeutsche Landesbank Girzonentrale

Comprised of construction-to-term loan, bridge loan, and letter of credit facility to construct and operate Gaia and Midpoint solar and battery energy storage projects

ANNAPOLIS, Md., April 8, 2025 /PRNewswire/ -- Sunraycer Renewables LLC ("Sunraycer"), a leading developer, owner and operator of clean energy power sites, announced today the closing of a $475mm project financing facility with MUFG Bank, Ltd. (MUFG), Nomura Securities International, Inc. (Nomura) and Norddeutsche Landesbank Girzonentrale (Nord/LB). This deal brings the total capital raised by Sunraycer to $675mm over the last six months.

The facility is divided between a construction-to-term loan and a tax credit bridge loan – a structure that has recently become available as a result of the ITC transferability provisions in the Inflation Reduction Act. It also includes a letter of credit facility.

The facility will support the construction and operations of two Sunraycer projects in Texas, totaling 241 MWac of solar and 125 MWac of paired battery energy storage systems. The first project, Gaia, is a 143 MWac solar + 75 MWac battery storage project located in Navarro County. The second, Midpoint, a 97.5 MWac solar + 50 MWac battery storage project located in Hill County, began construction late last year. Both projects are expected to reach commercial operations later this year. Gaia and Midpoint will be instrumental in supporting the increased demand for energy from manufacturing and data centers in Texas over the next several years, particularly within the ERCOT grid, which manages the flow of electric power to more than 26 million Texas customers and operates the state's independent electricity market.

"This transaction reflects the next step in Sunraycer's growth toward becoming a leading IPP in the United States. We are pleased to be working with MUFG, Nomura and Nord/LB, some of the most active project finance lenders in the renewable energy space," said Sunraycer CEO David Lillefloren. "The financing further strengthens Sunraycer's commitment to advancing clean energy initiatives across the U.S."

Sunraycer's Accelerant Program offers a differentiated approach by working with smaller developers, offering flexible capital solutions and providing access to institutional O&M, energy management and generation management services. This design provides for certainty of execution and an alternative to working with traditional utilities. The program's success has cemented Sunraycer as a trusted partner within the industrial power sector, driving growth and fostering partnerships with an expanding portfolio that includes an ever-growing share of large data center operators.

"MUFG is thrilled to have led Sunraycer's inaugural project financing. The Midpoint and Gaia assets will help meet growing demand in ERCOT and have material positive impacts on Texas ratepayers and the environment. We are very impressed by the Sunraycer team, and are excited to support their future growth," said Louise Pesce, Managing Director at MUFG.

"Nomura is thrilled to collaborate with Sunraycer on this important financing, utilizing our structuring expertise and intellectual capital," said Vinod Mukani, Global Head of Nomura's Infrastructure & Power Business ("IPB"). "This transaction underscores Nomura's ability to deliver tailored capital solutions for assets while achieving risk-adjusted returns for all stakeholders."

Alain Halimi, Managing Director of IPB added, "This transaction represents a remarkable milestone for Sunraycer with their inaugural portfolio of projects in ERCOT. We are thrilled to support their growth strategy within the renewable energy sector."

"NORD/LB is very pleased to partner with Sunraycer, MUFG and Nomura on this important renewable energy project financing," Bulent Osma, Senior Director at NORD/LB, commented.

Sunraycer was advised by Orrick, Herrington & Sutcliffe LLP as legal counsel. The lenders were advised by Milbank LLP and Squire Patton Boggs.

About Sunraycer

Sunraycer, a Crayhill Capital Management portfolio company, is a rapidly-growing, Annapolis, Maryland-based renewable energy platform that has a development and construction stage pipeline of approximately 2 GW of solar and 2 GW of BESS utility-scale power plants. Sunraycer provides pre-NTP and acquisition capital to developers involved in all types of renewable energy endeavors. Its goal is to streamline the complexities of development and eliminate financing challenges for the developer community. 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. For more information, please visit Sunraycer's website at https://sunraycer.com/ or follow Sunraycer on LinkedIn for the latest company news and events.

About MUFG

MUFG Bank, Ltd. is Japan's premier bank, with a global network spanning around 40 countries. Outside of Japan, the bank offers an extensive scope of commercial and investment banking products and services to businesses, governments and individuals worldwide. MUFG Bank's parent, 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 140,000 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 flexibly respond 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 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. For more information about Nord/LB, visit www.nordlb.com.

Sunraycer Media Inquires
Jake Forrestal
Prosek Partners
[email protected]

SOURCE Sunraycer Renewables