Paz Oil, Arava Power and Menora Mivtachim have closed on a tax equity bridge loan of $144M for the 272 MW Sunray Project located in Uvalde County, Texas.

The financing will support the project’s continued construction and operation.

“We are delighted to have reached another significant milestone in the financing of Project Sunray and are honored by the close partnership and continued support of Nomura,” says Ilan Zidkony, CEO of Arava Power. “It’s deeply gratifying to see our debut project in the US progress so successfully towards commercial operation.”

The project has become eligible for the 10% community energy adder enacted under the Inflation Reduction Act. The additional tax equity commitment was provided by a U.S.-based financial institution which also gave the original tax equity commitment together with an unnamed technology company.

Nomura Securities acted as bookrunner and coordinating lead arranger, underwriting the tax equity bridge loan financing.

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Paz Oil, Arava Power, Menora Mivtachim Close on Sunray Loan