Sunraycer

Sunraycer Renewables operates as a developer, owner, and operator of clean energy projects, with a focus on solar and battery storage initiatives across the United States. The company was established in June 2021 by Crayhill Capital Management, initially under the name Crayhill Renewables, and is headquartered in Annapolis, Maryland. David Lillefloren, a retired U.S. Navy Commander with 18 years of experience in strategy and growth at Constellation Energy, was appointed CEO in May 2023. His background includes serving on the board of global solar provider Conergy and overseeing third-party O&M services at Constellation. Co-founder and Managing Director Ben Snydacker brings experience from EY's renewable energy tax equity advisory practice and from project finance and development roles at Silicon Ranch and Cypress Creek Renewables.

The firm's primary business involves providing pre-Notice to Proceed (pre-NTP) and acquisition capital to renewable energy developers. This financing is crucial for covering early-stage project development costs, such as grid connection deposits, land lease fees, and permitting expenses, which occur before a project is fully ready for construction. Sunraycer's business model centers on owning and operating the assets it develops, particularly in deregulated markets where it can optimize merchant energy exposure. The company acquires projects at various stages and partners with developers through development services agreements to bring them to completion. A key component of its strategy is the 'Accelerant Program', designed to support smaller developers by offering flexible capital solutions and access to institutional-level operations, maintenance, and energy management services. This approach provides an alternative to working with traditional utilities and has attracted large industrial power clients, including data center operators.

Sunraycer is actively developing a significant portfolio, which stands at approximately 4 GW of solar and 4 GW of battery energy storage systems (BESS). The company has secured substantial financing to fuel its growth, including a $200 million facility from HPS Investment Partners and a $475 million project financing facility from MUFG Bank, Nomura, and Nord/LB. These funds support the development of its existing portfolio and the acquisition of new projects, with a goal of delivering 1 GW of operating assets annually. Notable projects include the Gaia and Midpoint solar-plus-storage sites in Texas, which will add significant capacity to the ERCOT grid to meet rising energy demand from industrial sectors.

Keywords: renewable energy financing, solar project development, battery storage solutions, pre-NTP capital, clean energy investment, independent power producer, utility-scale solar, energy storage systems, project acquisition capital, developer financing, ERCOT market, renewable asset management, solar-plus-storage, clean energy infrastructure, development capital, energy transition, merchant power, project finance, sustainable energy solutions, industrial power clients, data center energy