IPP Lydian Energy has secured US$689 million in financing for two solar projects and a battery energy storage system (BESS) project in New Mexico, Texas, and Utah, US.
The full-stack financing is supported by Canadian Imperial Bank of Commerce (CIBC) and MUFG Bank and includes a construction-to-term loan, a tax credit bridge loan, a co-investment bridge loan, and a letter of credit facility.
Faraday BESS Phase 1 is a 150MW/733MWh BESS in Utah. The project is backed by a long-term power purchase agreement PPA with an investment-grade off-taker.
AC Ranch 1 is a 75MWac solar PV project in New Mexico, with a derisked, busbar PPA. Lydian says it delivers steady quarterly cash flows on a fully contracted basis with an investment-grade off-taker.
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Yellow Viking is a 170MWac solar PV project in Texas. Located within the utility Oncor’s territory in the Electric Reliability Council of Texas (ERCOT) market, the project features 100MW under a PPA with an investment-grade off-taker.
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.
PacifiCorp also has a PPA for the Faraday solar PV project. In 2023, renewable energy financier Excelsior Energy Capital closed US$1.3 billion in financing for the Faraday solar project.
Lydian made its official launch in 2024, with backing from Excelsior, which remains its owner. It announced the AC Ranch 1 as part of its nine-project portfolio. At that time, both AC Rach 1 and AC Ranch 2 were in the pre-construction phase.
In July 2025, Lydian closed a US$233 million project financing for three BESS projects in Texas.
The projects included the 150MW/391MWh Headcamp BESS, the 200MW/521MWh Crane BESS and the 200MW/521MWh Pintail BESS.
Speaking with Energy-Storage.news at the time, Emre Ersenkal, CEO of Lydian Energy, said that lithium-ion battery manufacturer CATL would supply the BESS for the projects.
That said, in December 2024, parent company Excelsior signed a 7.5GWh supply deal with LG Energy Solution (LG ES) for domestic content-qualifying BESS, with LG ES having since started manufacturing LFP cells across 17GWh of US production lines.
Currently, Lydian claims to have a portfolio of 18 solar and storage projects totalling 4.4 GW of capacity.
The Energy Storage Summit USA will be held from 24-25 March 2026, in Dallas, TX. It features keynote speeches and panel discussions on topics like FEOC challenges, power demand forecasting, and managing the BESS supply chain. ESN Premium subscribers can get an exclusive discount on ticket prices. For complete information, visit the Energy Storage Summit USA website.
