Lydian Energy Secures US$689M for Three US Solar and Storage Projects
Lydian Energy has secured US$689 million in financing for three renewable energy projects across New Mexico, Texas, and Utah. The funding, provided by Canadian Imperial Bank of Commerce (CIBC) and MUFG Bank, includes a construction-to-term loan, a tax credit bridge loan, a co-investment bridge loan, and a letter of credit facility.
The projects include:
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Faraday BESS Phase 1 – a 150MW/733MWh battery energy storage system (BESS) in Utah backed by a long-term power purchase agreement (PPA) with an investment-grade off-taker.
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AC Ranch 1 – a 75MWac solar PV project in New Mexico, fully contracted with a derisked busbar PPA.
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Yellow Viking – a 170MWac solar PV project in Texas within Oncor’s ERCOT territory, featuring 100MW under PPA with an investment-grade off-taker.
Lydian Energy, launched in 2024 and backed by Excelsior Energy Capital, now claims a portfolio of 18 solar and storage projects totaling 4.4GW. The company previously secured US$233 million for three Texas BESS projects in 2025 and US$1.3 billion for the Faraday solar project in 2023.
The projects are part of a broader US push for utility-scale solar and energy storage, with supply agreements from CATL and LG Energy Solution ensuring domestic battery content compliance.
Source: energy-storage.news
