Lydian Energy (utility-scale independent power producer (IPP)) has acquired the Atlas North portfolio from Hanwha Renewables (developer of utility-scale energy projects), a collection of four late-stage utility-scale solar and battery energy storage projects totaling approximately 1.5 gigawatts of combined capacity, making it one of the largest solar plus energy storage developments in North America.

Portfolio Scale and Composition

The Atlas North portfolio comprises more than 1,000 megawatts of solar generating capacity paired with 450 megawatts and 1,800 megawatt-hours of battery energy storage.

The four projects are connected to the regional grid through a 500-kilovolt generation-tie transmission line spanning up to two miles, linking the solar and battery storage facilities to the California Independent System Operator grid via the Cielo Azul Switchyard (Electric Substation) and the Ten West Link transmission line.

The vast majority of electricity and capacity from the Atlas North portfolio is contracted for long-term offtake with California load-serving entities. Lydian Energy, based in Washington, DC, described the acquisition as its largest investment to date.

The company is an independent power producer specializing in the development, construction, and operation of utility-scale power infrastructure projects and is backed by Excelsior Energy Capital, a Minneapolis-based clean energy infrastructure fund.

Executive Statements

Emre Ersenkal, chief executive officer at Lydian Energy, said the company is excited to build on its momentum as a firm and bring what he called an ambitious project to life, adding that the Atlas North facilities will bring much-needed renewable power to the region.

Chris Moakley, co-founder and managing partner at Excelsior Energy Capital and chair of the board at Lydian Energy, said the firm remains deeply committed to the continued development of clean energy in the United States, particularly solar and battery storage, which he described as proven and reliable sources.

Lydian's Broader Portfolio

With the Atlas North acquisition, Lydian Energy's current portfolio includes 18 solar and storage projects totaling 4.4 gigawatts of capacity across North America. The company stated it continues to work alongside banking, regulatory, and community stakeholders to deliver scalable infrastructure aligned with regional needs and policy objectives.

The Atlas North transaction adds to a period of significant activity for Lydian Energy. The company has separately announced a USD 689 million financing for solar and battery storage projects, as well as a USD 233 million project financing to advance battery storage projects across Texas.

Excelsior Energy Capital also recently brought the Faraday Solar project online in Utah County, Utah, a 685.3 megawatt DC installation that commenced commercial operations on September 30, 2025, backed by a 20-year power purchase agreement.

About the Seller

Hanwha Renewables is a U.S. utility-scale energy developer focused on advancing solar and battery energy storage projects across key markets. The company delivers what it describes as investment-grade renewable assets through integrated project development, engineering, procurement, and construction execution.

Hanwha Renewables states its focus is on scalable projects that support grid reliability and long-term power system needs.

About the Buyer and Its Backer

Lydian Energy's experienced team of energy infrastructure professionals focuses on developing high-potential mid- to late-stage power generation assets across North America.

The company is backed by Excelsior Energy Capital (engineering and energy solutions provider), which was founded in 2017 and operates two active funds totaling over USD 1.5 billion of equity capital.

Excelsior describes its team as bringing more than 100 years of combined experience across strategic, financial, legal, and operational disciplines, positioning the firm as a partner for developers and operators as well as a manager for investors.

The fund focuses on middle-market investments in wind, solar, and battery storage plants and businesses across North America.

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