Lydian Energy Announces $689 Million Financing for Solar and Battery Storage Projects

Full-stack financing led by CIBC and MUFG to Excelsior Energy Capital-backed IPP

WASHINGTON--(BUSINESS WIRE)--Lydian Energy (“Lydian”), an independent power producer specializing in the development, construction, and operation of utility-scale power infrastructure projects, today announced $689 million in financing for solar projects, AC Ranch 1 and Yellow Viking, and battery storage project, Faraday BESS. The full-stack financing is backed by CIBC and MUFG and includes a Construction-to-Term Loan, Tax Credit Bridge Loan, Co-Investment Bridge Loan, and a Letter of Credit Facility. The three projects further advance Lydian’s strategy to deliver reliable and affordable energy.

AC Ranch 1 is a 75 MWac / 100 MWdc derisked, busbar PPA solar PV project in New Mexico. With a substantial solar resource, it delivers steady quarterly cashflows on a fully contracted basis with an investment-grade off taker.

Yellow Viking is a 170 MWac / 210 MWdc solar PV project in Texas. Located within ERCOT's Oncor territory, the project features 100 MW under a power purchase agreement (PPA) with an investment-grade off taker.

Faraday BESS Phase 1 is a 150 MW/733 MWh battery energy storage system in Utah. The project is backed by a long-term PPA with another investment-grade off taker.

“This transaction marks a major milestone for Lydian Energy, as it is the first full-stack financing we’ve closed, and it’s especially notable to do so with industry-leading lenders MUFG and CIBC,” said Emre Ersenkal, CEO at Lydian Energy. “We are excited about this significant financing, which creates a strong precedent for future investments across Lydian Energy’s pipeline and unlocks capital to support continued growth.”

“We are proud that these financings are helping meet the need for reliable, sustainable, and affordable domestic energy and very grateful for the commitment of MUFG, CIBC, and other participating lenders,” said Chris Moakley, Co-Founder and Managing Partner, Excelsior Energy Capital and Chair of the Board at Lydian Energy. “We’re pleased to support Lydian’s talented team as they build these much-needed solar and battery storage projects.”

Lydian’s current portfolio includes 18 solar and storage projects totaling 4.4 GW of capacity. Lydian continues to work alongside banking, regulatory, and community stakeholders to deliver scalable infrastructure aligned with regional needs and policy objectives.

About Lydian Energy
Lydian Energy, based in Washington, DC, is an independent power producer specializing in the development, construction, and operation of utility-scale energy projects. With the backing of Excelsior Energy Capital, Lydian’s experienced team of energy professionals focuses on developing high-potential mid- to late-stage energy assets across North America. For more information, please visit www.lydianenergy.com. Follow Lydian Energy on LinkedIn.

About Excelsior Energy Capital
Excelsior Energy Capital is a clean energy infrastructure fund focused on middle-market investments in wind, solar and battery storage plants, and businesses across North America. The highly specialized team brings over 100 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors. Based in Minneapolis, Minnesota, the firm was founded in 2017 with two active funds totaling over $1.5 billion of equity capital. For more information, visit www.excelsiorcapital.com.