Lydian Energy has secured $689 million in financing for two solar projects, AC Ranch 1 and Yellow Viking, along with the Faraday battery energy storage system (BESS) project. The financing package is backed by CIBC and MUFG. It includes a construction-to-term loan, tax credit bridge loan, co-investment bridge loan, and a letter of credit facility.
AC Ranch 1 is a 75 MWa, or 100 MWdc, solar project located in New Mexico and operates under a fully contracted busbar power purchase agreement (PPA) with an unnamed investment grade offtaker. Yellow Viking is a 170 MWac, or 210 MWdc, solar project in Texas within ERCOT’s Oncor service territory, with 100 MW tied to a long-term PPA with another unnamed investment grade offtaker.
Additionally, the Faraday BESS Phase 1 project involves a 150 MW/733 MWh BESS in Utah and is supported by a long-term offtake agreement with another unnamed investment grade offtaker. The projects are part of Lydian’s portfolio backed by Excelsior Energy Capital. Lydian’s total portfolio currently includes 18 solar and storage projects with a combined capacity of 4.4 GW.