Earthrise Energy Secures $630 Million Financing for 270 MWac Solar Project

Strategic Insights -

Earthrise Energy has successfully closed a $630 million financing deal for its 270 MWac solar project, Gibson City Solar, within the MISO power market in Illinois. The project is expected to achieve commercial operations in 2026. The financing structure is innovative, featuring a shared point of interconnection between the solar project and Earthrise's existing thermal power plant, utilizing surplus interconnection service. This novel transaction is also one of the first solar project financings to utilize the Illinois Power Agency's Indexed Renewable Energy Credit offtake contract.

Key Takeaways:

  • Earthrise Energy secured a $630 million financing deal for its 270 MWac solar project, Gibson City Solar, in the MISO power market in Illinois.
  • The project is expected to achieve commercial operations in 2026.
  • The financing structure features a shared point of interconnection between the solar project and Earthrise's existing thermal power plant, utilizing surplus interconnection service.
  • The transaction is one of the first solar project financings to utilize the Illinois Power Agency's Indexed Renewable Energy Credit offtake contract.
  • BBVA, Intesa Sanpaolo, and Nord/LB served as Coordinating Lead Arrangers and Bookrunners for the debt financing.
  • A Fortune 500 telecommunications company provided the tax equity commitment.
  • Earthrise Energy has a solar development pipeline of more than 1.7 GW and has secured financing for multiple projects.
  • The company's project pipeline represents more than 1.4 GWs of new clean energy capacity expected to be brought online by the end of 2028.
  • Earthrise began acquiring portfolios of natural gas peaking power plants in 2021 and is currently developing and constructing adjacent solar capacity across all sites.
  • The company has 1.7 GW of gas-fired generation capacity and has repurposed the transmission infrastructure for renewable energy development projects.

Statistics:

  • $630 million: The amount of financing secured for the Gibson City Solar project.
  • 270 MWac: The capacity of the Gibson City Solar project.
  • 2026: The expected commercial operation date of the project.
  • 1.4 GWs: The amount of new clean energy capacity expected to be brought online by the end of 2028.
  • 1.7 GW: The amount of gas-fired generation capacity owned by Earthrise.
  • 1.7 GW: The solar development pipeline of Earthrise Energy.
  • 2021: The year Earthrise began acquiring portfolios of natural gas peaking power plants.

Sources:

  • BusinessWire
  • "Earthrise Energy Closes $630 Million Tax Equity and Debt Financing for 270 MWac Solar Project, Gibson City Solar"