Sunraycer Renewables Closes $901 Million Project Financing Facility with MUFG Bank, Ltd., Ally Bank, Nomura Securities International, Inc., Norddeutsche Landesbank Girozentrale, and Societe Generale

Sunraycer Renewables closed a $901 million project financing facility with MUFG, Ally Bank (NYSE:ALLY), Nomura, Nord/LB, and Societe Generale to fund three Texas solar-plus-storage projects.

Rhea-AI Summary

Sunraycer Renewables closed a $901 million project financing facility with MUFG, Ally Bank (NYSE:ALLY), Nomura, Nord/LB, and Societe Generale to fund three Texas solar-plus-storage projects.

The portfolio totals 479.5 MWac solar and 236.5 MWac two-hour battery storage, with construction started in late 2025 and commercial operations expected between 2026 and 2027.

This is Sunraycer's second portfolio financing in about 12 months, bringing total capital raised via project finance and tax equity to roughly $1.6 billion.

Positive

• $901 million multi-tranche project financing facility closed for three projects
• Total of roughly $1.6 billion raised in 12 months via project finance and tax equity
• Portfolio adds 479.5 MWac solar and 236.5 MWac two-hour battery storage in Texas
• Financing supports construction and operation of assets in the ERCOT power market
• Staggered commercial operation: Eagle Springs in 2026, Lupinus projects in late 2027
• Syndicate includes MUFG, Ally Bank, Nomura, Nord/LB, and Societe Generale

Negative

• None.

Argus May 14 session

+1.58% close to close Open Argus

Details

News Market Reaction – ALLY

On May 14, the day this news came out, ALLY closed 1.58% above the previous close.

Data tracked by StockTitan Argus for the May 14 session.

Key Figures

Project financing facility: $901 million Capital raised: $1.6 billion Solar capacity: 479.5 MWac +5 more

Project financing facility

$901 million

Closed project financing facility for Texas solar and storage portfolio

Capital raised

$1.6 billion

Total project finance and tax equity raised over ~12 months

Solar capacity

479.5 MWac

Total solar generation across Eagle Springs, Lupinus 1 and 2

Battery storage capacity

236.5 MWac

Total paired two-hour battery energy storage across portfolio

Eagle Springs capacity

77 MWac solar / 33 MWac battery

Project located in Delta County, Texas

Lupinus 1 capacity

161.5 MWac solar / 82 MWac battery

Project located in Franklin County, Texas

Lupinus 2 capacity

241 MWac solar / 121.5 MWac battery

Project located in Franklin County, Texas

ERCOT customers

more than 26 million

Customers served by ERCOT grid referenced in article

Historical Context

5 past events · Latest: May 06

5 events

1. May 06

   Conference appearance

   24h Move

   +2.5%

   CEO scheduled to present at Bernstein Strategic Decisions Conference.

2. May 04

   Preferred redemption

   24h Move

   -0.9%

   Redemption of all Series B preferred shares at stated liquidation value.

3. Apr 17

   Quarterly earnings

   24h Move

   +8.1%

   Reported Q1 2026 results with earnings call and materials posted.

4. Apr 15

   Dividend declaration

   24h Move

   -0.7%

   Declared quarterly dividends on common and preferred stock.

5. Apr 14

   Brand initiative

   24h Move

   +1.5%

   Announced early achievement of 50/50 sports media advertising pledge.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

construction-to-term loan, bridge loan, letter of credit facility, project financing

4 terms

construction-to-term loan financial

"Comprised of a construction-to-term loan, bridge loan, and letter of credit facility"

A construction-to-term loan is a single financing arrangement that starts as a short-term loan to build or renovate a property and automatically converts into a long-term mortgage once the project is finished or stabilized. Think of it as a single contract that first pays for construction and then becomes the ongoing home loan for the completed building. Investors care because it bundles construction risk, timing and interest-rate exposure into one package, affecting cash flow, refinancing needs and the predictability of returns.

bridge loan financial

"Comprised of a construction-to-term loan, bridge loan, and letter of credit facility"

A bridge loan is a short-term loan used to quickly provide funds until a larger, long-term financing option is in place. It acts like a temporary bridge, helping individuals or businesses cover immediate expenses or complete transactions without delay. For investors, it’s important because it offers quick access to cash but often comes with higher costs and short repayment periods.

letter of credit facility financial

"Comprised of a construction-to-term loan, bridge loan, and letter of credit facility"

A letter of credit facility is a bank-backed line that lets a borrower obtain letters of credit — promises the bank will pay a seller if the borrower cannot. Think of it like a guaranteed store voucher that reassures a counterparty they will be paid even if the buyer’s cash is tight. Investors watch this because it supports sales and supply deals, lowers payment risk, and counts against a company’s borrowing capacity and liquidity profile.

project financing financial

"announced today the closing of a $901 million project financing facility"

Project financing is a way to fund a single, large project — such as a power plant, toll road, or mine — where lenders and investors look primarily to the project’s future cash flow and assets for repayment rather than the company’s overall balance sheet. It matters to investors because it isolates risk and return: like a mortgage tied to a single house, the project’s performance determines who gets paid and how much, affecting credit risk, expected returns, and how losses are absorbed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Comprised of a construction-to-term loan, bridge loan, and letter of credit facility to construct and operate Eagle Springs, Lupinus 1, and Lupinus 2 solar and battery energy storage projects

ANNAPOLIS, Md., May 14, 2026 /PRNewswire/ -- Sunraycer Renewables LLC ("Sunraycer"), a leading developer, owner, and operator of clean energy power sites, announced today the closing of a $901 million project financing facility with MUFG Bank, Ltd. (MUFG), Ally Bank, Nomura Securities International, Inc. (Nomura), Norddeutsche Landesbank Girozentrale (Nord/LB), and Societe Generale. This marks Sunraycer's second portfolio financing in approximately 12 months and brings total capital raised across project finance and tax equity to roughly $1.6 billion during that period.

The facility is comprised of a construction-to-term loan, a tax credit bridge loan, and a letter of credit facility.

Proceeds from the financing will support the construction and operation of three Sunraycer projects in Texas, totaling 479.5 MWac of solar generation and 236.5 MWac of paired two-hour battery energy storage systems. The portfolio includes:

• Eagle Springs: 77 MWac solar + 33 MWac battery storage project located in Delta County
• Lupinus 1: 161.5 MWac solar + 82 MWac battery storage project located in Franklin County
• Lupinus 2: 241 MWac solar + 121.5 MWac battery storage project located in Franklin County

All three projects began construction in late 2025. Eagle Springs is expected to reach commercial operation later this year, with Lupinus 1 and Lupinus 2 following in late 2027.

These projects will play a critical role in supporting the growing demand for electricity driven by manufacturing and data center expansion across Texas, particularly within the ERCOT grid, which serves more than 26 million customers and operates the state's independent electricity market.

"This financing represents another significant milestone for Sunraycer as we continue to scale our platform and deliver critical energy infrastructure to meet accelerating demand," said David Lillefloren, Chief Executive Officer of Sunraycer. "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."

Sunraycer continues to advance a robust pipeline of solar and storage projects across key U.S. markets, focused on delivering integrated solutions that enhance grid reliability, support economic growth, and accelerate the transition to a cleaner energy future.

"MUFG is thrilled to have led Sunraycer's Eagle Springs and Lupinus 1&2 project financing. The Sunraycer and MUFG teams built off the success of the inaugural project financing in 2025 to finance three more assets that will help have a positive impact for ERCOT's power supply needs. We remain impressed with the platform and expect the team to continue executing at a high level," said Louise Pesce, Managing Director and Head of North American Power at MUFG.

"We're proud to partner with Sunraycer on this significant financing that will help power Texas' growing energy needs," said Dan Bernstein, head of Energy & Infrastructure Corporate Finance, Ally Bank. "This financing demonstrates Ally Corporate Finance's growing capabilities in the energy sector and our relationship-focused approach to delivering customized financing solutions for clients driving the future of sustainable infrastructure."

"We are excited to once again support Sunraycer for its Eagle Springs and Lupinus solar and storage projects located in Texas. The transaction exemplifies our commitment to financing best-in-class infrastructure projects that drive the energy transition and provide reliability for the increase in energy demand," said Vinod Mukani, Global Head of Nomura's Infrastructure & Power Business, and Alain Halimi, Managing Director of Nomura Infrastructure & Power. "This partnership reflects Nomura's dedication to providing innovative financing solutions that accelerate the deployment of critical energy infrastructure. We look forward to continuing our support as Sunraycer scales their operations and delivers sustainable energy solutions to communities worldwide."

"We are proud to have led another financing for Sunraycer with the close of the Eagle Springs and Lupinus transactions.  The portfolio reflects a strong combination of solar and storage assets designed to deliver reliable power into ERCOT, and highlights the sponsor's ability to successfully develop and advance complex projects. We are excited to support Sunraycer as they continue to execute on a growing and well-positioned platform in the U.S. renewables market. This transaction underscores NORD/LB's commitment to leading high-quality energy financings and further strengthening our relationship with Sunraycer," said Sondra Martinez, Head of Structured Finance Originations.

"Societe Generale is excited to have supported the Sunraycer team on the Eagle Springs and Lupinus 1&2 project financing. This financing underscores our strong partnership with Sunraycer and supports ERCOT's increasing load growth. We are committed to advancing the global energy transition and to helping the US reach its net-zero carbon emissions targets," said Sang Joon Lee of Societe Generale Energy Plus Group. "We recognize the vast economic potential of the renewable market as one of the fastest growing sources of power in ERCOT and are thrilled to partner with top tier developers like Sunraycer as they continue to lead the growth of renewable power generation."

Sunraycer was advised by Orrick, Herrington & Sutcliffe LLP as legal counsel. The lenders were advised by Milbank LLP and Holland & Knight LLP.

About Sunraycer Renewables, LLC

Sunraycer, a Crayhill Capital Management portfolio company, is a rapidly-growing, Annapolis, Maryland-based Independent Power Producer (IPP), that has a development, construction-stage, and operational pipeline of approximately 3 GW of solar and battery utility-scale power plants.  The company prioritizes industry-leading best practices in transmission analytics, land analysis, and valuation, emphasizing flexibility and optimization to adapt to evolving market conditions and technologies.  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.       

About MUFG 

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 150,000 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 flexible response 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 Ally Bank

Ally Financial Inc. (NYSE: ALLY) is a financial services company with the nation's largest all-digital bank and an industry-leading auto financing business, driven by a mission to "Do It Right" and be a relentless ally for customers and communities. The company serves customers with deposits and securities brokerage and investment advisory services as well as auto financing and insurance offerings. The company also includes a seasoned corporate finance business that offers capital for equity sponsors and middle-market companies. For more information, please visit www.ally.com. 

For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.

For further images and news on Ally, please visit http://media.ally.com.

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. 

About Societe Generale 

Societe Generale is a top-tier European Bank with around 110,000 employees serving 27 million clients in 58 countries across the world. We have been supporting the development of our economies for over 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective - to deliver sustainable value creation for all our stakeholders.

The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

• French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
• Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
• Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document's legitimacy directly on the web page.

For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

Sunraycer Media Inquires
Jake Forrestal
Prosek Partners
pro-crayhill@prosek.com 

View original content:https://www.prnewswire.com/news-releases/sunraycer-renewables-closes-901-million-project-financing-facility-with-mufg-bank-ltd-ally-bank-nomura-securities-international-inc-norddeutsche-landesbank-girozentrale-and-societe-generale-302771800.html

SOURCE Sunraycer Renewables

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What project financing did Sunraycer announce with Ally Bank (NYSE:ALLY) on May 14, 2026?

Sunraycer announced a $901 million project financing facility with Ally Bank and other lenders. According to Sunraycer, the facility funds three Texas solar-plus-storage projects totaling 479.5 MWac of solar generation and 236.5 MWac of two-hour battery storage capacity.

How large is the Sunraycer and Ally Bank (ALLY) Texas solar and storage portfolio?

The financed portfolio totals 479.5 MWac of solar and 236.5 MWac of two-hour battery storage. According to Sunraycer, the projects include Eagle Springs, Lupinus 1, and Lupinus 2, all located in Texas and interconnected to the ERCOT grid.

What are the components of the $901 million Sunraycer financing involving Ally Bank (ALLY)?

The $901 million facility includes a construction-to-term loan, a tax credit bridge loan, and a letter of credit facility. According to Sunraycer, these tranches support both construction and ongoing operation of the Eagle Springs and Lupinus solar and storage projects.

When will the Sunraycer Eagle Springs and Lupinus projects financed with Ally Bank (ALLY) begin operation?

Eagle Springs is expected to reach commercial operation in 2026, with Lupinus 1 and Lupinus 2 following in late 2027. According to Sunraycer, all three projects began construction in late 2025 in Texas.

How much total capital has Sunraycer raised around the Ally Bank (ALLY) financing?

Sunraycer reports raising roughly $1.6 billion across project finance and tax equity over about 12 months. According to Sunraycer, the new $901 million facility is its second portfolio financing within that period, supporting expansion of its solar and storage platform.

How could the Sunraycer and Ally Bank (ALLY) financing impact the ERCOT power market?

The financed projects will add new solar and battery capacity to the ERCOT grid, serving Texas electricity demand. According to Sunraycer and participating lenders, the assets are intended to support growing load from manufacturing and data center expansion in the region.