Lydian Energy, a U.S.-based independent power producer, has successfully closed its first institutional project financing worth $233 million to support the development of three battery energy storage system (BESS) projects in Texas. The funding, secured from ING and KeyBank, marks a pivotal milestone for Lydian’s expansion in the ERCOT power market.
The financing package includes approximately $139 million from ING for the Pintail and Crane projects, both rated at 200 MW/400 MWh, and located in San Patricio and Crane Counties, respectively. KeyBank contributed $94 million for the Headcamp project, a 150 MW/300 MWh facility in Pecos County, with KeyBanc Capital Markets structuring the deal.
All three projects are being developed under Excelsior Energy Capital’s Fund II, a recently closed fund totaling over $1 billion. The facilities are under construction and are expected to be operational by Q4 2025.
Lydian’s leadership hailed the deal as a significant step toward strengthening grid reliability and supporting the energy transition. CEO Emre Ersenkal emphasized the company’s mission to scale transformative storage projects. CFO Basilio Guerrero credited the firm’s strong delivery platform and the confidence of financial partners.
Representatives from ING and KeyBank highlighted battery storage as a key infrastructure asset in modernizing energy systems. Additional co-investment capital is being provided by Excelsior’s limited partners.
Lydian’s current portfolio spans 20 solar and storage projects totaling 4.7 GW, positioning the company at the forefront of the U.S. clean energy shift, with further project financings planned for later in the year.
