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, a tax credit bridge loan, a 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.
