OCI Energy and Arava Power have closed construction financing with ING Capital for a 347 MWdc solar facility in Wharton County, Texas. The project, located approximately 60 miles southwest of Houston, represents an estimated total investment of $394 million.
The financing package includes a construction-to-term loan, a tax equity bridge loan, and various letters of credit. ING Capital acted as the sole coordinating lead arranger, bookrunner, and green loan coordinator for the transaction.
For Arava Power, a pioneer in the Israeli solar market, Project SunRoper serves as a cornerstone of its North American growth strategy. The company aims to build more than 1 GW of solar capacity in the United States within the next two years.
“Project SunRoper highlights the strength of our collaboration with OCI Energy,” said Ilan Zidkony, CEO of Arava Power. “SunRoper is a strategic milestone that supports our vision of building more than 1 GW of solar capacity in the United States within the next two years.”
Sabah Bayatli, president of OCI Energy, said the financing milestone reflects the company’s commitment to utility-scale projects that strengthen grid reliability in high-demand regions.
The facility is supported by a 20-year busbar power purchase agreement (PPA) with an undisclosed Fortune 100 company. Construction is expected to proceed with WHC, LLC serving as the EPC contractor and Black & Veatch acting as technical advisor.
- Location: Wharton County, Texas (near Houston)
- Capacity: 347 MWdc
- Expected COD: Q3 2027
- Lenders: ING Capital (Lead), with additional support from BHI and Bank of Hapoalim
The deal marks the second collaboration between San Antonio-based OCI Energy and ING, following their previous work on the Alamo City Battery Energy Storage System (BESS) project. Once operational in late 2027, SunRoper will deliver clean energy to the ERCOT grid, targeting one of the fastest-growing electricity demand centers in the country.
Texas is the largest utility-scale solar market in the U.S., with over 90% of the state’s solar generation coming from large-scale projects, according to the Solar Energy Industries Association (SEIA). While the state leads in utility-scale projects, the residential sector is also significant, currently ranking fourth nationally. More than 311,000 Texans have installed solar on their homes to date. The industry has driven over $62.6 billion in total investment into the Texas economy and supports over 12,800 jobs.
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