Sunraycer Renewables, a developer, owner and operator of clean energy power sites, and a portfolio company of New York-based Crayhill Capital Management, has announced that it closed a $901 million project financing package to build and operate a three-project solar-plus-storage portfolio in Texas, totaling 479.5 MWac solar paired with 236.5 MW of battery energy storage systems (BESS), paired as two-hour batteries for 473 MWh.
The project financing facility is arranged with MUFG Bank, Ally Bank, Nomura Securities International, Norddeutsche Landesbank Girozentrale (Nord/LB) and Societe Generale. It includes a construction-to-term loan, tax credit bridge and letter-of-credit facility. Sunraycer said it was advised by Orrick, Herrington & Sutcliffe as legal counsel, lenders were advised by Milbank and Holland & Knight.
Sunraycer’s portfolio comprises three projects. Eagle Springs, a 77 MWac solar and 33 MW / 66 MWh BESS project located in Delta County at Lake Creek, Texas, north-east of Dallas.
The Lupinus projects are both located in Franklin County at Hagansport, Texas, in the same vicinity as Eagle Springs in nearby Delta County. Lupinus 1 is a 161.5 MWac solar and 82 MW / 164 MWh BESS, and Lupinus 2 is a 241 MWac solar and 121.5 MW / 243 MWh BESS.
Sunracer previously announced that it had signed two long-term Power Purchase Agreements (PPAs) with Google for the Lupinus and Lupinus 2 solar projects in Texas, executed through LevelTen Energy’s Accelerated Process (“LEAPÔ”).
The Eagle Springs BESS provider is known, with e-STORAGE, the utility-scale battery energy storage business of CSI Solar Co, announced to supply its SolBank 3.0 platform for the 33 MW / 66 MWh battery. It also signed a Long-Term Service Agreement (LTSA) with Sunraycer.
All three projects began construction in late 2025. Eagle Springs is expected to be online in late 2026, followed by Lupinus 1 and Lupinus 2 in late 2027.
David Lillefloren, chief executive officer of Sunraycer outlined that the company would continue to target solar-plus-storage projects.
“This financing represents another significant milestone for Sunraycer as we continue to scale our platform and deliver critical energy infrastructure to meet accelerating demand,” Lillefloren said.
“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.”
The company has raised roughly $1.6 billion in project finance and tax equity over the past 12 months and continues to advance a 3 GW pipeline of solar and storage assets across the US.
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