$200mm development capital financing facility to facilitate execution of Sunraycer's 4 GW portfolio of solar and battery projects
ANNAPOLIS, Md., March 6, 2025 -- Sunraycer Renewables LLC ("Sunraycer"), a leading developer, owner and operator of clean energy power sites, announced today the closing of a $200mm credit facility with funds and accounts managed by HPS Investment Partners, LLC ("HPS"). The financing will support the development of Sunraycer's existing 4 GW portfolio of solar and battery projects, the acquisition of new projects and its goal of delivering 1 GW of operating assets per year.
The development and construction financing facility will be used to fund both pre-notice to proceed development/capital expenditures and construction equity associated with the Company's projects in ERCOT and MISO. As a long-term owner of its projects, Sunraycer seeks to partner with leading equipment providers and contractors to develop and own best-in-class operating assets. Sunraycer's project acquisition plan aims to acquire 3 GW – 4 GW of earlier stage projects in CAISO, PJM and MISO.
Through its Accelerant Program, Sunraycer provides a differentiated approach by working with smaller developers, offering flexible capital solutions and access to institutional O&M, energy management and generation management services. This design provides for certainty of execution and an alternative to working with traditional utilities. The program's success has enabled Sunraycer to become an asset to the industrial power client community with an ever growing share of large data center operators as key partners.
"This transaction is instrumental in supporting Sunraycer's growth toward becoming one of the largest clean energy IPPs in the United States. We are pleased to be working with HPS, one of the preeminent investors in the energy sector which underscores the robustness of our strategy and pipeline," said Sunraycer CEO David Lillefloren. "The facility further strengthens Sunraycer's commitment to advancing clean energy initiatives across the U.S."
Sunraycer was advised by Orrick, Herrington & Sutcliffe LLP as legal counsel.
About Sunraycer
Sunraycer, a Crayhill Capital Management portfolio company, is a rapidly-growing, Annapolis, Maryland-based renewable energy platform that has a development and construction stage pipeline of approximately 2 GW of solar and 2 GW of BESS utility-scale power plants. Sunraycer provides pre-NTP and acquisition capital to developers involved in all types of renewable energy endeavors. Its goal is to streamline the complexities of development and eliminate financing challenges for the developer community. Sunraycer leverages enterprise-scale partnerships with proven industry leaders, as well as an experienced and driven in-house team of renewable energy experts, to accelerate the deployment of development-stage projects. For more information, please visit Sunraycer's website at https://sunraycer.com/ or follow Sunraycer on LinkedIn for the latest company news and events.
SUNRAYCER MEDIA INQUIRIES
Josh Clarkson
Prosek Partners
jclarkson@prosek.com
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