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

Attribution: Christoffer Riemer. Paz Oil, Arava Power, and Menora Mivtachim have successfully secured a tax equity bridge loan amounting to $144 million for the 272 MW Sunray Project situated in Uvalde County, Texas. This financial backing is intended to sustain the ongoing building and functioning of the project. “Achieving this important financial benchmark for Project Sunray brings us great pleasure, and we are grateful for our strong relationship and the consistent backing from Nomura,” comments Ilan Zidkony, CEO of Arava Power. We are profoundly pleased to witness our first venture in the United States advancing toward operational business success so effectively. The initiative now qualifies for the additional 10% community energy bonus established by the Inflation Reduction Act. A financial institution based in the United States, which had previously pledged an initial tax equity commitment alongside an undisclosed technology firm, contributed further tax equity funding. Nomura Securities took on the roles of bookrunner and principal coordinating arranger, responsible for underwriting the financing for the bridge loan related to tax equity.