Earthrise Energy has secured $630 million in financing for its 270MWac Gibson City Solar project in Illinois, marking a first-of-its-kind deal in the MISO power market.
The transaction includes a construction-to-term loan, tax equity bridge loan, and letter of credit facility. BBVA, Intesa Sanpaolo and Nord/LB acted as coordinating lead arrangers and bookrunners, while a Fortune 500 telecoms company provided the tax equity commitment.
Commercial operation is targeted for 2026.
The solar farm shares a point of interconnection with Earthrise’s existing thermal plant, using surplus interconnection rights-an approach the company said could serve as a model for future developments.
“Securing this financing for Gibson City Solar marks a significant milestone for Earthrise,” said Kenton Harder, vice president for capital markets at Earthrise Energy.
“This structure presented attributes that required innovative structuring… which we believe will serve as a blueprint for similar projects going forward.”
It is also one of the first solar financings to use Illinois Power Agency’s Indexed Renewable Energy Credit contract.
Earthrise began acquiring natural gas peaker plants in 2021 and is developing solar projects at all sites to capitalise on their existing interconnection access.
Its pipeline now exceeds 1.4GW of clean energy capacity, with all projects expected online by 2028.
“At Earthrise, we are committed to advancing a future where clean energy is reliable and resilient,” said Jeff Hunter, Earthrise CFO.
Marathon Capital was exclusive financial advisor to Earthrise, with Cornerstone advising the tax equity investor. Latham & Watkins, Milbank and Akin Gump acted as legal counsel.