Mitsubishi UFJ Financial Group (MUFG) and Nomura Securities International, Inc. (Nomura) have announced a major financing agreement with Greenalia S.A. (Greenalia) to support the development of Misae Solar Park II (Misae II) in Texas. The financing includes a $295 million construction-to-term loan and a $93 million letter of credit (LC) facility, enabling the successful construction and long-term operation of this landmark solar project. Both MUFG and Nomura served as Coordinating Lead Arrangers (CLAs) and Bookrunners for the deal, with MUFG also acting as Administrative Agent.
This agreement marks a significant milestone for Greenalia, one of Spain’s leading renewable energy developers, as Misae II becomes its first project in the United States. Spanning 3,970 acres in Childress County, Texas, the solar park will feature a capacity of 430 MW-DC / 331.6 MW-AC, making it one of the largest utility-scale photovoltaic developments in the state. The project is expected to reach commercial operation (COD) by the third quarter of 2025.
Louise Pesce, Managing Director, Project Finance at MUFG, said, “We’re thrilled to support Greenalia by leading this complex and successful transaction. Greenalia’s innovation and MUFG’s expertise will help the state of Texas increase energy capacity with renewable solar power.”
Vinod Mukani, Global Head of Nomura’s Infrastructure & Power Business, stated, “Nomura is thrilled to strategically partner with Greenalia to provide tailored capital solutions through bespoke structuring, unlocking risk-adjusted returns for all partners in the build-out of this landmark project. We are excited to support execution and development of Greenalia’ s broader portfolio to meet strong renewable energy demand.”
Alain Halimi, Managing Director, Nomura IPB, also added, “Nomura is pleased to once again support Greenalia, this time for their inaugural Misae II solar project in Texas. Our partnership with Greenalia demonstrates Nomura’s commitment to provide tailored strategic financing solutions to leading renewable energy developers.”
Misae II is designed with a strong revenue structure that enhances its long-term viability. Sixty-five percent of its energy output and renewable energy credits (RECs) will be sold through two power purchase agreements (PPAs) settled in the ERCOT West market. The remaining 35% of the project’s output will be sold directly into the merchant ERCOT market, providing a blend of contractual stability and market-based upside. Furthermore, the project has secured a fixed-price Production Tax Credit (PTC) Transfer Agreement, along with a separate fixed-price agreement for 40% of its RECs, adding further financial certainty and value to its clean energy generation.
Manuel Garcia, CEO of Greenalia S.A., remarked, “This transaction is a major step for Greenalia’s US expansion. With the help of MUFG and Nomura, we are on track to reach 1 GW of operational projects by 2026.”
“This financing represents a key milestone in the execution of the company’s business plan, and in particular, the objectives established for its US business. This transaction demonstrates the evolution of the Greenalia group, covering the capital needs necessary for the launch of the projects currently under construction”, said Antonio Fernandez-Montells, CFO of Greenalia S.A.
This landmark deal underscores the growing appeal of the U.S. renewables market to international developers and investors. It also highlights the vital role that financial institutions like MUFG and Nomura play in accelerating the global transition to clean energy. With robust backing and a well-structured financial framework, Misae II is set to deliver long-term benefits to Texas’s energy infrastructure while advancing Greenalia’s international expansion in the renewable energy space.
