In a significant boost to the Texas power grid, OCI Energy LLC and Arava Power have closed approximately $394 million in construction financing for Project SunRoper, a 347 MWdc utility-scale solar facility. The deal signals robust investor confidence in the ERCOT market despite shifting regulatory landscapes.

Financing the Future of Clean Energy

The financing was underwritten by ING Capital LLC, acting as the sole coordinating lead arranger and green loan coordinator. The package—comprising a construction-to-term loan and a tax equity bridge loan—is anchored by a rare 20-year Power Purchase Agreement (PPA) with a Fortune 100 company.

This long-term contract provides a high degree of revenue certainty, a critical factor for large-scale infrastructure in the competitive Texas energy market. Additional capital support and letters of credit were provided by BHI and Bank Hapoalim.

Strategic Milestones and Grid Reliability

Located 60 miles southwest of Houston, Project SunRoper sits in one of the highest electricity-demand regions in the United States. For Arava Power, the project serves as a cornerstone of its mission to build 1 GW of U.S. solar capacity within the next two years.

“SunRoper is a strategic milestone that supports our vision,” stated Ilan Zidkony, CEO of Arava Power, highlighting the alignment between the joint venture partners. OCI Energy President Sabah Bayatli added that the project reflects a commitment to “utility-scale solar projects that strengthen grid reliability.”

Economic Impact and Implementation

Infrastructure Support: The project will generate significant tax revenue for Wharton County schools and public services.

Job Creation: Construction will support hundreds of local jobs before the project reaches commercial operation in Q3 2027.

A team of industry leaders is bringing the project to life. WHC, LLC serves as the EPC contractor, while Black & Veatch provides technical advisory services. Foley & Lardner LLP provides legal counsel to the joint venture, and Skadden represents the lenders.

As Texas continues to lead the nation in renewable energy growth, Project SunRoper stands as a testament to the viability of large-scale solar in meeting the state’s soaring industrial and residential energy needs.

Fact Sheet: Project SunRoper

Project Overview

Project SunRoper is a 347 MWdc utility-scale solar facility designed to bolster grid reliability and provide affordable clean energy to the high-demand Houston region. The project is being developed through a strategic joint venture between OCI Energy and Arava Power.

Core Specifications

Capacity: 347 MWdc

Location: Wharton County, Texas (~60 miles southwest of Houston)

Total Investment: Approximately $394 Million

Operational Timeline: Expected Commercial Operation Date (COD) in Q3 2027

Offtake Agreement: Supported by a 20-year Power Purchase Agreement (PPA) with a Fortune 100 company.

Financing Structure

ING Capital LLC served as the Sole Coordinating Lead Arranger, Bookrunner, and Green Loan Coordinator. The package includes:

Construction-to-term loan

Tax equity bridge loan

Letters of credit (LCs)

Project Partners & Collaborators

Developers: OCI Energy LLC & Arava Power (Joint Venture)

Lead Financier: ING Capital LLC

Supporting Lenders: BHI and Bank Hapoalim

EPC Contractor: WHC, LLC

Technical Advisor: Black & Veatch

Legal Counsel (JV): Foley & Lardner LLP

Legal Counsel (Lender): Skadden, Arps, Slate, Meagher & Flom LLP

Strategic Impact

Market Growth: Represents a key milestone in Arava Power’s goal to build 1 GW of U.S. solar capacity by 2028.

Grid Support: Provides critical capacity to one of the most dynamic and highest-demand power markets in the United States.

Relationship Expansion: Marks the second successful financing collaboration between OCI Energy and ING Capital.