Lydian Energy, an independent power producer, announced it has secured $233 million in institutional project financing for three battery energy storage system (BESS) projects in Texas, backed by ING and KeyBank.
The Pintail and Crane projects, each with a capacity of 200 MW/400 MWh, represent a combined investment of about $139 million and are located in San Patricio and Crane Counties.
These projects are part of Excelsior Energy Capital’s Fund II, which recently surpassed $1 billion. They aim to provide reliable and affordable renewable energy, enhancing grid performance in Texas, and are expected to be operational by Q4 2025.
Lydian’s portfolio includes 20 solar and storage projects with a total capacity of 4.7 GW. The company collaborates with stakeholders to deliver scalable infrastructure that meets regional needs and policy goals.
The tax credit bridge financings from ING and KeyBank are being complemented by the co-investment capital from Excelsior’s Fund II limited partners. And Lydian is actively pursuing additional financing for a broader pipeline of projects expected to start construction later this year.
Support: KeyBank provided a $94 million financing package for Headcamp, a 150 MW/300 MWh project in Pecos County. And KeyBanc Capital Markets also structured the financing package for Headcamp.
KEY QUOTES:
“This financing marks an important step forward as we continue executing on our vision to scale transformative battery storage projects that meet the evolving energy needs of the communities we serve.”
Emre Ersenkal, CEO at Lydian Energy
“We are happy to have the support of ING and KeyBank, which recognize both the value of battery storage in today’s grid and the capabilities of our development and delivery platform. We are proud to partner with these leading financial institutions to help deliver the next generation of clean and reliable power in Texas.”
Basilio Guerrero, CFO at Lydian Energy
“Our support of Lydian’s portfolio reflects ING’s focus on identifying strategic funding opportunities that align with the accelerating demand for sustainable power. Battery storage plays a central role in supporting grid resilience, and we’re pleased to back a platform with strong fundamentals and a clear execution path.”
Sven Wellock, Managing Director and Head of Energy – Renewables & Power at ING
“Lydian Energy’s development of Headcamp reflects the type of forward-looking energy infrastructure we aim to support through strategic financing. Our team is thrilled to support Excelsior Energy Capital as they continue to deliver strategic, future-ready investments and projects that are increasingly vital as energy demand and system complexity continue to rise.”
Tyler Nielsen, Managing Director, Utilities Power and Renewables Group at KeyBanc Capital Markets
“These financings represent more than capital – they reflect the strong demand for reliable energy infrastructure in high-growth U.S. markets. We’re proud to stand behind Lydian’s talented team as they deliver on the promise of battery storage with bankable projects, proven partners, and disciplined execution. In the midst of a lot of noise, these financings are a reminder that capital flows where infrastructure is satisfying fundamental needs of our society – in this case, the need for reliable, sustainable, domestic, and affordable energy.”
Anne Marie Denman, Co-Founding Partner at Excelsior Energy Capital and Chair of the Board at Lydian Energy
