OCI Energy, Arava Power ink financing for 347-MW solar project in Texas
Feb 24, 2026, 11:31:31 AMArticle by Sladjana Djunisic
US solar and storage developer OCI Energy and its Israel-based peer Arava Power have closed construction financing with ING Capital for the 347-MWdc Project SunRoper solar plant in Texas, the companies said on Monday.
Project SunRoper, located in Wharton County about 60 miles (96.6 km) southwest of Houston, is the work of a joint venture between OCI Energy and Arava Power. The total investment associated with the project is expected to be around USD 394 million (EUR 334.2m).
ING Capital underwrote a financing package comprising a construction-to-term loan, a tax equity bridge loan and letters of credit. It is acting as sole coordinating lead arranger, sole bookrunner, sole green loan coordinator and administrative agent. The transaction reunites OCI Energy and ING, following their financing agreement for the 120-MW/480-MWh Alamo City battery energy storage system, also set in Texas.
An unnamed Fortune 100 energy company has signed up to be the off-taker of Project SunRoper’s electricity under a 20-year power purchase agreement (PPA). The solar farm is expected to begin commercial operations in the third quarter of 2027.
Additional financing support and letters of credit were provided by BHI and Bank of Hapoalim. WHC will serve as engineering, procurement and construction contractor, while Black & Veatch is acting as technical adviser.
OCI Energy, founded in 2012, is targeting a development portfolio of up to 10 GW by 2028. Arava Power’s CEO Ilan Zidkony said the Texas project supports its goal of building more than 1 GW of solar capacity in the United States within the next two years.
(USD 1.0 = EUR 0.848)