Adapture Renewables, Inc., a leading developer, owner, and operator of utility-scale solar and energy storage projects, has secured $321 million in financing from Mitsubishi UFJ Financial Group (MUFG) to support the construction of its largest project to date. The funding will drive the development of Adapture Renewables’ Titanium portfolio (Titanium), a 441 MW solar project spanning three sites across Arkansas and Illinois.
MUFG, a global leader in renewable energy finance and the top-ranked project finance lender in the Americas—having arranged over $17.6 billion in loans in 2024—served as the lead arranger and administrative agent for the financing. This transaction marks Adapture Renewables’ first collaboration with MUFG, reflecting the company’s growing presence and credibility within the capital markets.
Thomas Houghton, Founder and CEO of Adapture Renewables, said in a statement, “This financing marks a pivotal moment for Adapture Renewables. Securing construction capital from a globally recognized financial institution like MUFG demonstrates the strength of our project portfolio and our ability to scale development. This transaction represents a real paradigm shift for our company as we continue to expand our footprint in the renewable energy sector.”
Louise Pesce, Managing Director at MUFG, stated “This transaction underscores the financial community’s confidence in Adapture Renewables as a leading project developer. We are pleased to offer a customized financing solution to support Adapture Renewables’ largest portfolio to date, and we look forward to future collaborations as they continue to grow.”
The $321 million facility includes a construction loan and a tax credit bridge loan, leveraging the Inflation Reduction Act’s Investment Tax Credit (ITC) transferability provisions. This financing structure, which has recently gained traction among major lenders, allows for greater flexibility in funding renewable energy projects. The first site in the Titanium portfolio broke ground in late 2023, with full commercial operation anticipated by early 2026. Titanium’s three sites will generate enough clean energy to power more than 71,000 homes annually, significantly contributing to the energy transition.
The projects are strategically located in Department of Energy-designated Energy Communities, ensuring not only the delivery of renewable power but also long-term economic benefits for these regions. Adapture Renewables has been actively expanding its impact in the renewable energy sector. Prior to this financing, the company announced three Environmental Attributes Purchase Agreements (EAPAs) with Meta, under which Meta will procure renewable energy from three of Adapture Renewables’ solar projects.
Ben Schneider, Managing Director of Project Finance at Adapture Renewables, also added, “These projects will play a significant role in delivering clean energy while also driving economic opportunities and community benefits in these Arkansas and Illinois municipalities. Debt capital partnerships like this enable us to scale our development and construction pipeline so that we can make a difference in communities across America.”
“Our goal is to build a long-term, sustainable business that delivers high-quality renewable energy projects. This transaction is an important milestone, and we are excited to continue expanding our impact,” commented Houghton.
This aligns with broader corporate commitments to sustainability and the decarbonization of energy consumption. By securing this major financing and advancing its largest solar project, Adapture Renewables continues to solidify its role as a key player in the clean energy transition, helping to drive sustainable development and economic growth in communities across the U.S.
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