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					</table><a href="https://sabanciclimatetech.com/en/" target="_blank" rel="noopener">Sabanci Renewables</a>, a renewable energy project developer, has secured $533 million in financing for two solar projects in Texas, totaling 286 MW.
The financing includes $382 million in project financing and $151 million in tax equity financing for the Pepper Solar Power Project in McLennan County and the Lucky 7 Solar Power Project in Hopkins County.
Pepper Solar has a capacity of 156 MW, while Lucky 7 has 130 MW. Both projects are expected to achieve commercial operation in the second half of 2027, according to the company.
The projects are located in the Electric Reliability Council of Texas market, where Sabanci Renewables is expanding its solar portfolio. The company said the financial closings establish the capital structure required to move both projects into construction and delivery.
The project financing package includes construction loans, a tax equity bridge loan, and non-cash credit facilities. NORD/LB, MUFG, BBVA, and Intesa Sanpaolo provided the debt financing and acted as coordinating lead arrangers. Advantage Capital committed the tax equity investment for the projects.
“The energy demand growth in Texas is still strong, and we are proud to contribute to meeting this demand by investing in new solar projects. Project financing and tax equity mechanisms remain key components of project funding. By incorporating a balanced mix of debt, tax equity, and shareholder equity, we have established a framework that supports both construction execution and long-term asset management,” stated Tolga Kaan Doğancıoğlu, Strategic Investments and Operations President, Sabanci Group.
Sabanci Renewables said Pepper and Lucky 7 will add to its existing assets, Cutlass II and Oriana, bringing its portfolio to 790 MW. The company said Texas remains a core growth region for its U.S. operations.
According to Mercom’s recently released Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, announced large-scale solar project funding increased by 61% in Q1 2026 compared with the same period in 2025.
In 2026, Svea Solar Utility, an independent renewable power producer, <a href="https://mercomcapital.com/svea-solar-utility-secures-216-million-solar-storage-projects/" target="_blank" rel="noopener">secured</a> a holding company (HoldCo) financing facility of up to €185 million (~$216 million) from Eiffel Investment Group and Arkéa Asset Management to expand its solar and energy storage portfolio in Sweden.

Sabanci Renewables Secures $533 Million for Texas Solar Projects

<a href="https://www.ocienergy.com/" target="_blank" rel="noopener">OCI Energy</a>, a developer of utility-scale solar and battery storage projects, announced the sale of the 120 MWac Pepper solar project to <a href="https://www.sabanciclimatetech.com/en" target="_blank" rel="noopener">Sabanci Renewables</a>, a North American subsidiary of Turkish conglomerate Sabanci Holdings. The project is located in McLennan County, Texas.
Sabanci Renewables will finance, construct, own, and operate the project, which is expected to commence operation in the third quarter of 2027. OCI Energy developed Project Pepper and led all phases of site acquisition, pre-construction site studies, permitting, and grid connection.
Sidleu Austin provided legal services to OCI Energy, while Troutmann Pepper Locke served as legal counsel to Sabanci Renewables on the transaction. The financial details of the transaction remained undisclosed.
We&#8217;re pleased to partner with OCI Energy on Project Pepper — a well-executed project that aligns perfectly with our growth strategy in the U.S.,&#8221; said Tolga Kaan Doğancıoğlu, CEO of Sabanci Climate Technologies. &#8220;This collaboration reflects our confidence in the U.S. energy market and our commitment to scaling a resilient power portfolio. With this latest addition, we now hold 660 MWdc of solar capacity either operational or under construction, building toward our long-term goal of a 3,000 MWdc renewable portfolio by 2030.&#8221;
This project is said to mark OCI Energy&#8217;s continued development of utility-scale solar and battery energy storage projects across the U.S., with a pipeline of more than 5 GWac of projects currently under development.
July last year, OCI Energy announced the <a href="https://www.ocienergy.com/wp-content/uploads/2024/08/7-31-2024-OCI-Energy-News-Release-Sale-of-Hillsboro.pdf" target="_blank" rel="noopener">sale</a> of the 260 MWdc Hillsboro solar project in Hill County, Texas, to Hyundai Engineering. The project is expected to begin operation in the first quarter of 2027.
According to Mercom&#8217;s recently released 1H and Q2 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/1h-and-q2-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, approximately 19.9 GW of solar projects were acquired in the first half of 2025, compared to 18.5 GW in the first half of 2024.
Last week, EDF power solutions UK, previously known as EDF Renewables, an independent power producer and services provider, announced the <a href="https://mercomcapital.com/edf-power-solutions-acquires-500-mw-solar-project-in-the-uk/" target="_blank" rel="noopener">acquisition</a> of the 500 MW Gate Burton Energy Park solar project in Lincolnshire from Low Carbon, a renewable energy project developer.

OCI Energy Sells 120 MW Solar Project to Sabanci Renewables

Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings, <a href="https://cms.mercomindia.com/sabanci-renewables-secures-137-million-financing-for-oriana-solar-project/" target="_blank" rel="noopener">announced</a> the closing of $137 million in tax equity financing for its 232 MW Oriana Solar Project, located approximately 120 miles southeast of San Antonio in Victoria County, Texas. Advantage Capital, an investment firm, provided funding for the utility-scale solar project currently under construction. The project is expected to begin commercial operations in Spring 2025.
ContourGlobal, an independent power producer and a KKR company, <a href="https://cms.mercomindia.com/contourglobal-acquires-151-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 151 MW solar project portfolio in South Carolina from Sun Tribe Development, a solar and energy storage project developer. The portfolio comprises two solar projects in the late stages of development, and long-term power purchase agreements have been signed. The projects are scheduled to reach commercial operations in 2029.
Qcells, a utility-scale solar and energy storage project developer and solar EPC provider, announced the <a href="https://cms.mercomindia.com/qcells-sells-142-mw-appaloosa-solar-project/" target="_blank" rel="noopener">sale</a> of the 142 MW Appaloosa solar project in Garfield County, Washington, to Puget Sound Energy, an energy utility company. The project will be co-located with the Lower Snake River Wind facility. The project is expected to begin construction in 2025 and commercial operation in December 2026.
Highfield Solar, a solar project developer, secured project financing to <a href="https://cms.mercomindia.com/highfield-solar-secures-financing-solar-projects/" target="_blank" rel="noopener">support</a> the construction and operation of two solar projects in Ireland having a total capacity of 132 MW. Coöperatieve Rabobank U.A., a Netherlands-based financial services company, provided the funding. The portfolio comprises the 70 MW Clonin North and 62 MW North Arklow solar project. The Clonin North project will be located near the village of Rhode, County Offaly, while the North Arklow project will be located near the town of Arklow in County Wicklow.
The International Finance Corporation is partnering with Axis Bank to <a href="https://www.mercomindia.com/ifc-and-axis-bank-to-provide-500-million-loan-for-green-projects" target="_blank" rel="noopener">provide</a> a $500 million loan to help develop a blue finance market and scale up financing of green projects in India. The funding will also aid in expanding Axis Bank’s climate finance portfolio. Besides tackling climate change issues, the loan will be utilized to develop offshore renewable energy.
Clearway Energy Group, a developer and operator of clean energy projects, <a href="https://cms.mercomindia.com/clearway-closes-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener">announced</a> the financial closure of the 300 MW Pine Forest solar and 200 MW Pine Forest standalone storage projects in Hopkins County, Texas, which are now under construction.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-ze-energy-financing-solar-storage/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Sabanci Renewables Secures Financing for Oriana Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-sabanci-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Sabanci Renewables, a North American subsidiary of Turkish conglomerate Sabanci Holdings, <a href="https://mercomcapital.com/sabanci-renewables-secures-137-million-financing-for-oriana-solar-project/" target="_blank" rel="noopener">announced</a> the closing of $137 million in tax equity financing for its 232 MW Oriana Solar Project, located approximately 120 miles southeast of San Antonio in Victoria County, Texas. Advantage Capital, an investment firm, provided funding for the utility-scale solar project currently under construction. The project is expected to begin commercial operations in Spring 2025.
ContourGlobal, an independent power producer and a KKR company, <a href="https://mercomcapital.com/contourglobal-acquires-151-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 151 MW solar project portfolio in South Carolina from Sun Tribe Development, a solar and energy storage project developer. The portfolio comprises two solar projects in the late stages of development, and long-term power purchase agreements have been signed. The projects are scheduled to reach commercial operations in 2029.
Qcells, a utility-scale solar and energy storage project developer and solar EPC provider, announced the <a href="https://mercomcapital.com/qcells-sells-142-mw-appaloosa-solar-project/" target="_blank" rel="noopener">sale</a> of the 142 MW Appaloosa solar project in Garfield County, Washington, to Puget Sound Energy, an energy utility company. The project will be co-located with the Lower Snake River Wind facility. The project is expected to begin construction in 2025 and commercial operation in December 2026.
Highfield Solar, a solar project developer, secured project financing to <a href="https://mercomcapital.com/highfield-solar-secures-financing-solar-projects/" target="_blank" rel="noopener">support</a> the construction and operation of two solar projects in Ireland having a total capacity of 132 MW. Coöperatieve Rabobank U.A., a Netherlands-based financial services company, provided the funding. The portfolio comprises the 70 MW Clonin North and 62 MW North Arklow solar project. The Clonin North project will be located near the village of Rhode, County Offaly, while the North Arklow project will be located near the town of Arklow in County Wicklow.
The International Finance Corporation is partnering with Axis Bank to <a href="https://www.mercomindia.com/ifc-and-axis-bank-to-provide-500-million-loan-for-green-projects" target="_blank" rel="noopener">provide</a> a $500 million loan to help develop a blue finance market and scale up financing of green projects in India. The funding will also aid in expanding Axis Bank’s climate finance portfolio. Besides tackling climate change issues, the loan will be utilized to develop offshore renewable energy.
Clearway Energy Group, a developer and operator of clean energy projects, <a href="https://mercomcapital.com/clearway-closes-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener">announced</a> the financial closure of the 300 MW Pine Forest solar and 200 MW Pine Forest standalone storage projects in Hopkins County, Texas, which are now under construction.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-ze-energy-financing-solar-storage/" target="_blank" rel="noopener">brief</a>.

<a href="https://sabanciclimatetech.com/en" target="_blank" rel="noopener">Sabanci Renewables</a>, a North American subsidiary of Turkish conglomerate Sabanci Holdings, announced the closing of $137 million in tax equity financing for its 232 MW Oriana Solar Project, located approximately 120 miles southeast of San Antonio in Victoria County, Texas. Advantage Capital, an investment firm, provided funding for the utility-scale solar project currently under construction.
According to Sabanci Renewables, commercial operations are expected to begin in Spring 2025, and the project will incorporate 425,000 solar modules to be installed on 1,100 acres.
A&amp;O Shearman and K&amp;L Gates advised Advantage Capital on the transaction, and Troutman Pepper and Husch Blackwell served as counsel for Sabanci Renewables. Carbon Reduction Capital (CRC-IB) served as the financial advisor on the transaction.
With this tax equity financing, the total energy capacity of projects owned by Sabanci Renewables in the Electric Reliability Council of Texas (ERCOT) has increased to over 500 MW.
“We are pleased to expand our partnership with Sabanci Renewables to support building out the power grid in Texas through another utility-scale solar project,” said Tom Bitting, Managing Director at Advantage Capital. “Oriana will have a profound impact on the Gulf Coast region by increasing the clean power supply to critical energy load centers, and Victoria County will reap the added benefit of new job creation for local workers.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
In September, Alight, an independent solar power producer, announced the financial <a href="https://cms.mercomindia.com/alight-secures-123-million-debt-financing-for-solar-projects-in-sweden/" target="_blank" rel="noopener">closure</a> of a €110 million (~$122.56 million) senior debt portfolio financing with the Dutch lender Rabobank. The funding will be used to build, own, and operate small to medium solar projects (up to 50 MW) with a combined capacity of about 220 MW in Sweden.

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