Earthrise secures $630 million for Illinois solar project

Earthrise Energy, an independent US-based power producer, has announced the successful close of a USD 630 million, first-of-its-kind tax equity and debt financing for its 270 MWac solar project, Gibson City Solar, within Illinois’ Midcontinent Independent System Operator (MISO) power market. 

The project is expected to achieve commercial operations in 2026. The debt financing comprises a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility. BBVA, Intesa Sanpaolo, and Nord/LB served as Coordinating Lead Arrangers and Bookrunners for the debt financing, and a Fortune 500 telecommunications company provided the tax equity commitment, the company said in a media release.

This novel transaction is distinguished by its shared point of interconnection between the solar project and Earthrise’s existing thermal power plant, using surplus interconnection service. The transaction is also one of the first solar project financings to utilize the Illinois Power Agency’s Indexed Renewable Energy Credit offtake contract, according to the media release.

“Securing this financing for Gibson City Solar marks a significant milestone for Earthrise, and we are proud to have structured the first solar project finance transactions utilizing surplus interconnection service in MISO,” said Kenton Harder, VP Capital Markets, Earthrise Energy. “This structure presented attributes that required innovative structuring, and together with the coordinating lead arrangers and tax equity investor we developed solutions which we believe will serve as a blueprint for similar projects going forward.”

Earthrise’s current project pipeline represents more than 1.4 GWs of new clean energy capacity expected to be brought online by the end of 2028, with future project financings likely to adopt a similar structure.

“At Earthrise, we are committed to advancing a future where clean energy is reliable and resilient,” said Jeff Hunter, CFO, Earthrise Energy. “This transaction marks a pivotal achievement in delivering utility-scale solar solutions to the grid backed by a differentiated project development strategy, robust financial innovation, and operational discipline.”

“It has been a pleasure to collaborate with Earthrise in support of this important set of financings,” said Ari Pribadi, Global Co-Head of Investment Banking, Marathon Capital. “As the industry aims to build a more sustainable future while serving increasing power demand, it is essential to embrace a comprehensive approach that leverages existing infrastructure to advance clean energy expansion.”