Financial group Mitsubishi UFJ Financial Group (MUFG) and Nomura Securities International, Inc. (Nomura) announced on April 3 a financing agreement with Greenalia S.A., a Spanish developer of renewable energy projects, for the construction of the Misae II solar park in Texas. This project marks Greenalia’s first development in the United States and aligns with its strategy to reach 1 GW of operational capacity by 2026.
The financing includes a $295M construction-to-term loan and a $93M letter of credit facility, totalling $388M. MUFG and Nomura acted as Coordinating Lead Arrangers and Bookrunners, with MUFG also serving as Administrative Agent. Located in Childress County, the park spans 3,970 acres and will develop a photovoltaic capacity of 430 MW-DC / 331.6 MW-AC. Commercial operation is scheduled for the third quarter of 2025.
A project backed by power purchase agreements
Misae II benefits from two power purchase agreements (PPAs) in the ERCOT West zone covering 65% of its energy output and associated Renewable Energy Certificates (RECs). The remaining 35% will be sold on ERCOT’s merchant market. Additionally, the project has secured a fixed-price Production Tax Credit (PTC) Transfer Agreement and a separate fixed-price deal for 40% of its RECs, offering financial stability to investors.
Targeting the US market for Greenalia
This financing represents a strategic milestone for Greenalia in executing its US expansion plan. According to Antonio Fernandez-Montells, Chief Financial Officer of Greenalia S.A., the transaction enables the company to meet capital needs for projects currently under construction. Chief Executive Officer Manuel Garcia confirmed that this development is part of the group’s targets for 2026.
Vinod Mukani, Global Head of Infrastructure and Power Business at Nomura, emphasised the structured nature of the financing, designed to deliver risk-adjusted returns. Louise Pesce, Managing Director of Project Finance at MUFG, highlighted the partners’ involvement in structuring a complex financial arrangement for a project of this scale in Texas.
