Lydian Energy, an independent power producer specializing in the development, construction, and operation of utility-scale power infrastructure projects, announced $689 million in financing to support two solar projects and one battery energy storage project across New Mexico, Texas, and Utah.
The full-stack financing, led by CIBC and MUFG, supports solar projects AC Ranch 1 and Yellow Viking, as well as the Faraday BESS battery storage project. The package includes a construction-to-term loan, a tax credit bridge loan, a co-investment bridge loan, and a letter of credit facility. The company said the transaction advances its strategy of delivering reliable and affordable energy while establishing a financing framework for future projects in its pipeline.
AC Ranch 1 is a 75 MWac / 100 MWdc solar PV project located in New Mexico. The project is fully contracted under a busbar power purchase agreement with an investment-grade off-taker and is designed to generate steady quarterly cash flows, supported by strong solar resources in the region.
Yellow Viking is a 170 MWac / 210 MWdc solar PV project in Texas within ERCOT’s Oncor territory. Of its total capacity, 100 MW is under a power purchase agreement with an investment-grade off taker.
Faraday BESS Phase 1 is a 150 MW / 733 MWh battery energy storage system located in Utah. The project is supported by a long-term power purchase agreement with an investment-grade off taker.
Lydian Energy said the transaction marks its first full-stack financing and sets a precedent for future capital raises across its development portfolio. The company is backed by Excelsior Energy Capital, a clean energy infrastructure fund focused on middle-market investments in wind, solar, and battery storage assets across North America.
Lydian Energy’s current portfolio includes 18 solar and storage projects totaling 4.4 GW of capacity. The company said it continues to work with banking partners, regulators, and community stakeholders to deliver scalable infrastructure aligned with regional energy needs and policy objectives.
Excelsior Energy Capital, founded in 2017 and based in Minneapolis, manages two active funds totaling over $1.5 billion in equity capital and focuses on clean energy infrastructure investments across North America.
KEY QUOTES:
“This transaction marks a major milestone for Lydian Energy, as it is the first full-stack financing we’ve closed, and it’s especially notable to do so with industry-leading lenders MUFG and CIBC. We are excited about this significant financing, which creates a strong precedent for future investments across Lydian Energy’s pipeline and unlocks capital to support continued growth.”
Emre Ersenkal, CEO, Lydian Energy
“We are proud that these financings are helping meet the need for reliable, sustainable, and affordable domestic energy and very grateful for the commitment of MUFG, CIBC, and other participating lenders. We’re pleased to support Lydian’s talented team as they build these much-needed solar and battery storage projects.”
Chris Moakley, Co-Founder and Managing Partner, Excelsior Energy Capital and Chair of the Board, Lydian Energy
