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2mo ago

Lydian Energy Secures $689 Million Financing for Solar and Storage Projects in New Mexico, Texas and Utah

The package, Lydian's first full-stack deal, de-risks contracted assets to unlock capital for a larger 4.4 GW pipeline.

Berkshire Hathaway Energy-owned utility PacifiCorp’s 2025 Integrated Resource Plan (IRP) for Utah shows that the company has a PPA for the Faraday BESS project. Image: Pexels/Tom Fisk
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Overview

  • CIBC and MUFG underwrote a full-stack package spanning construction-to-term debt, tax credit and co-investment bridge loans, plus a letter of credit facility.
  • Funds back three projects: AC Ranch 1 in New Mexico (75 MWac/100 MWdc solar), Yellow Viking in Texas (170 MWac/210 MWdc solar) and Faraday BESS Phase 1 in Utah (150 MW/733 MWh).
  • All assets carry investment-grade offtake: a busbar PPA at AC Ranch 1, 100 MW under PPA at Yellow Viking and a long-term agreement for Faraday BESS.
  • Energy-Storage.News cites PacifiCorp’s 2025 IRP indicating the utility holds the PPA for the Faraday BESS project.
  • Executives call the financing a milestone that sets a precedent for additional closes across Lydian’s 18-project, 4.4 GW portfolio, following a $233 million close in July 2025.