Sabanci Renewables, a renewable energy project developer, has secured $533 million in financing for two solar projects in Texas, totaling 286 MW.

The financing includes $382 million in project financing and $151 million in tax equity financing for the Pepper Solar Power Project in McLennan County and the Lucky 7 Solar Power Project in Hopkins County.

Pepper Solar has a capacity of 156 MW, while Lucky 7 has 130 MW. Both projects are expected to achieve commercial operation in the second half of 2027, according to the company.

The projects are located in the Electric Reliability Council of Texas market, where Sabanci Renewables is expanding its solar portfolio. The company said the financial closings establish the capital structure required to move both projects into construction and delivery.

The project financing package includes construction loans, a tax equity bridge loan, and non-cash credit facilities. NORD/LB, MUFG, BBVA, and Intesa Sanpaolo provided the debt financing and acted as coordinating lead arrangers. Advantage Capital committed the tax equity investment for the projects.

“The energy demand growth in Texas is still strong, and we are proud to contribute to meeting this demand by investing in new solar projects. Project financing and tax equity mechanisms remain key components of project funding. By incorporating a balanced mix of debt, tax equity, and shareholder equity, we have established a framework that supports both construction execution and long-term asset management,” stated Tolga Kaan Doğancıoğlu, Strategic Investments and Operations President, Sabanci Group.

Sabanci Renewables said Pepper and Lucky 7 will add to its existing assets, Cutlass II and Oriana, bringing its portfolio to 790 MW. The company said Texas remains a core growth region for its U.S. operations.

According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, announced large-scale solar project funding increased by 61% in Q1 2026 compared with the same period in 2025.

In 2026, Svea Solar Utility, an independent renewable power producer, secured a holding company (HoldCo) financing facility of up to €185 million (~$216 million) from Eiffel Investment Group and Arkéa Asset Management to expand its solar and energy storage portfolio in Sweden.