ING and KeyBank provide Lydian’s first institutional financing for Pintail, Crane, and Headcamp BESS projects under Excelsior Energy Capital’s Fund II

Lydian Energy, an independent power producer specializing in the development, construction, and operation of utility-scale solar and battery energy storage projects across North America, today announced the successful financial close of its first institutional project financing totaling $233 million. The financing, backed by ING and KeyBank, supports three battery energy storage system (BESS) projects in Texas’ fast-growing ERCOT power market.

ING served as the lender for the Pintail and Crane projects, located in San Patricio and Crane Counties, Texas, respectively. The two systems, each sized at 200 MW/400 MWh, represent a combined investment of approximately $139 million.

KeyBank provided a $94 million financing package for Headcamp, a 150 MW/300 MWh project in Pecos County. KeyBanc Capital Markets also structured the financing package for Headcamp.

All three projects are developed under Excelsior Energy Capital’s Fund II, which recently closed at more than $1 billion, and advance Lydian’s strategy to deliver reliable, affordable renewable energy that strengthens grid performance in key power markets, such as Texas. The facilities are currently under construction and expected to be placed in service in Q4 2025.

“This financing marks an important step forward as we continue executing on our vision to scale transformative battery storage projects that meet the evolving energy needs of the communities we serve,” said Emre Ersenkal, CEO at Lydian Energy.

“We are happy to have the support of ING and KeyBank, which recognize both the value of battery storage in today’s grid and the capabilities of our development and delivery platform. We are proud to partner with these leading financial institutions to help deliver the next generation of clean and reliable power in Texas,” said Basilio Guerrero, CFO at Lydian Energy.

The commitments of ING and KeyBank underscore growing institutional confidence in battery storage as a strategic asset class leading the energy transition.

“Our support of Lydian’s portfolio reflects ING’s focus on identifying strategic funding opportunities that align with the accelerating demand for sustainable power,” said Sven Wellock, Managing Director and Head of Energy – Renewables & Power at ING. “Battery storage plays a central role in supporting grid resilience, and we’re pleased to back a platform with strong fundamentals and a clear execution path.”

“Lydian Energy’s development of Headcamp reflects the type of forward-looking energy infrastructure we aim to support through strategic financing,” said Tyler Nielsen, Managing Director, Utilities Power and Renewables Group at KeyBanc Capital Markets. “Our team is thrilled to support Excelsior Energy Capital as they continue to deliver strategic, future-ready investments and projects that are increasingly vital as energy demand and system complexity continue to rise.”

The tax credit bridge financings from ING and KeyBank are being complemented by co-investment capital from Excelsior’s Fund II limited partners. Lydian is actively pursuing additional financing for a broader pipeline of projects expected to start construction later this year.

“These financings represent more than capital – they reflect the strong demand for reliable energy infrastructure in high-growth U.S. markets,” said Anne Marie Denman, Co-Founding Partner at Excelsior Energy Capital and Chair of the Board at Lydian Energy. “We’re proud to stand behind Lydian’s talented team as they deliver on the promise of battery storage with bankable projects, proven partners, and disciplined execution. In the midst of a lot of noise, these financings are a reminder that capital flows where infrastructure is satisfying fundamental needs of our society – in this case, the need for reliable, sustainable, domestic, and affordable energy.”

Lydian’s current portfolio includes 20 solar and storage projects totaling 4.7 GW of capacity. The company continues to work alongside banking, regulatory, and community stakeholders to deliver scalable infrastructure aligned with regional needs and policy objectives.

About Lydian Energy

Lydian Energy, based in Washington, D.C., is an independent power producer specializing in the development, construction, and operation of utility-scale solar and battery energy storage projects. With the backing of Excelsior Energy Capital, Lydian’s experienced team of renewable energy professionals focuses on developing high-potential mid- to late-stage renewable energy assets across North America. For more information, please visit www.lydianenergy.com. Follow Lydian Energy on LinkedIn.

About Excelsior Energy Capital

Excelsior Energy Capital is a renewable energy infrastructure fund focused on middle-market investments in wind, solar and battery storage plants, and businesses across North America. The highly specialized team brings over 100 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors. Based in Minneapolis, Minnesota, the firm was founded in 2017 with two active funds totaling over $1.5 billion of equity capital. For more information, visit www.excelsiorcapital.com.

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