Lydian Energy has secured a $689 million financing package to construct three solar and storage assets across New Mexico, Texas, and Utah. The capital stack includes a construction-to-term loan, tax credit bridge, co-investment bridge, and LC facility, backed by banks including MUFG and CIBC.

The signal is clear: lenders are underwriting fully contracted, de-risked portfolios, even for a platform launched in 2024.

The financed assets — AC Ranch I (75 MWac / 100 MWdc) in New Mexico, Yellow Viking (170 MWac / 210 MWdc) in ERCOT, and Faraday BESS (150 MW / 733 MWh) in Utah — are supported by long-term PPAs with investment-grade counterparties, including the City of Denton and Meta Platforms. AC Ranch operates under a busbar PPA structure.

For a new platform backed by Excelsior Energy Capital, which manages over $1.5 billion in equity, this transaction demonstrates that capital is available — but only for assets with secured offtake, grid clarity, and tax credit visibility.

In the current U.S. market, financing is not scarce. It is selective. Banks are prioritizing contracted solar and storage with defined revenue and execution pathways. Platforms that can aggregate PPAs, structure bridge facilities, and close construction debt will move forward. The rest will wait.

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