Lydian Energy has secured $689 million in full-stack project financing to support the development of two utility-scale solar facilities and a battery energy storage system (BESS), marking a major capital milestone for the Washington, D.C.-based independent power producer.
.jpg)
The financing package — led by CIBC and MUFG — includes a Construction-to-Term Loan, Tax Credit Bridge Loan, Co-Investment Bridge Loan and a Letter of Credit Facility. The transaction represents Lydian’s first full-stack financing and supports three projects: AC Ranch 1 in New Mexico, Yellow Viking in Texas and Faraday BESS in Utah.
Backed by clean energy infrastructure investor Excelsior Energy Capital, Lydian continues to expand its footprint in solar and storage markets across North America.
The AC Ranch 1 project is a 75 MWac / 100 MWdc solar photovoltaic facility in New Mexico. The project is fully contracted under a busbar power purchase agreement (PPA) with an investment-grade offtaker, providing predictable quarterly revenue streams. Its location in a high solar-resource region enhances generation consistency and long-term output potential.
Yellow Viking, located in Texas within the ERCOT market’s Oncor territory, is a 170 MWac / 210 MWdc solar PV development. Of its total capacity, 100 MW is secured under a PPA with an investment-grade offtaker. Texas continues to be one of the most active renewable energy markets in the United States, driven by strong demand growth and competitive wholesale pricing structures.
Together, the two solar projects expand Lydian’s operational presence in key renewable corridors and reinforce its strategy of securing contracted revenue through creditworthy counterparties.
In addition to solar generation, the financing supports Faraday BESS Phase 1, a 150 MW / 733 MWh battery energy storage system in Utah. The project is backed by a long-term PPA with an investment-grade offtaker and is designed to enhance grid reliability by storing excess generation and dispatching energy during peak demand periods.
Utility-scale battery storage continues to play an increasingly central role in balancing intermittent renewable generation, especially in markets with high solar penetration. The Faraday BESS project strengthens regional grid flexibility while complementing broader renewable buildouts in the Western United States.
Emre Ersenkal, CEO of Lydian Energy, described the transaction as a significant step forward for the company, noting that partnering with established global lenders establishes a precedent for future financings across Lydian’s development pipeline.
Chris Moakley, Co-Founder and Managing Partner at Excelsior Energy Capital and Chair of Lydian’s Board, emphasized the importance of the projects in delivering reliable, affordable domestic energy and supporting continued growth in the clean energy sector.
Lydian’s current portfolio includes 18 solar and storage projects totaling 4.4 GW of capacity. The company focuses on mid- to late-stage energy assets across North America, leveraging Excelsior’s financial backing and sector expertise.
Founded in 2017 and headquartered in Minneapolis, Excelsior Energy Capital manages more than $1.5 billion in equity capital across two active funds. The firm specializes in middle-market investments in wind, solar and battery storage infrastructure.
With capital secured and long-term PPAs in place, Lydian is positioned to advance construction and move closer to commercial operation on its latest projects, further contributing to the buildout of utility-scale renewable and storage capacity in the United States.
Originally reported by Lydian Energy in Business Wire.
.webp)
