Treaty Oak Clean Energy has secured a $410 million financing package for the construction of the 185 MW Beekman solar project in Morehouse Parish, Louisiana, reaching financial close on November 20, 2025. The project forms part of a broader 385 MW buildout alongside the Hollis Creek solar project.

The key insight is the financing structure. The deal was executed through non-recourse senior secured credit facilities, including a construction-to-term loan, a tax credit bridge loan, and letter of credit facilities. This structure ring-fences project risk and confirms lender confidence in execution, offtake, and tax credit monetization.

The lender group—SMBC, ING Capital, Crédit Agricole, MUFG, and National Australia Bank—is underwriting a fully contracted, late-stage asset rather than taking development exposure. That distinction matters in a market where early-stage capital remains selective and pricing discipline is tight.

On the revenue side, the project benefits from a long-term corporate offtake agreement with Meta Platforms, under which Meta purchases the project’s environmental attributes. This offtake structure underpins bankability without introducing wholesale price risk, aligning well with non-recourse construction financing.

Execution risk is further reduced through equipment selection, with First Solar modules and Next power tracker technology, supporting Treaty Oak’s stated focus on a domestic supply chain and local engagement.

Commercially, the deal signals that large-scale solar projects with contracted revenues, compliant supply chains, and clean construction risk allocation can still access deep pools of bank capital, even as broader renewable financing remains cautious.

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