Earthrise Energy Raises $630 Million To Fund Development Of Utility-Scale Solar Project Connected To MISO Power Grid

Earthrise Energy, an independent power producer, has announced the successful close of a $630 million financing package to support its 270 MWac Gibson City Solar project, located in Illinois within the MISO power market. The project is expected to begin commercial operations in 2026. The financing includes a mix of instruments: 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. A Fortune 500 telecommunications company provided the tax equity commitment.

This transaction is notable for its unique structure. The Gibson City Solar project will share a point of interconnection with Earthrise’s existing thermal power plant at the site, utilizing surplus interconnection capacity. This shared infrastructure approach enhances project efficiency and speed to market. Additionally, it is one of the first solar financings to use the Illinois Power Agency’s Indexed Renewable Energy Credit (REC) offtake contract, adding further innovation to the deal structure.

Kenton Harder, VP Capital Markets, Earthrise Energy, said in a statement, “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. 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,”

Jeff Hunter, CFO, Earthrise Energy, stated, “At Earthrise, we are committed to advancing a future where clean energy is reliable and resilient. 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.”

Ari Pribadi, Global Co-Head of Investment Banking, Marathon Capital, also added, “It has been a pleasure to collaborate with Earthrise in support of this important set of financings. 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. We look forward to Earthrise’s continued leadership and impact across the clean energy markets.”

Earthrise began acquiring a portfolio of natural gas peaking power plants in 2021 and has since been developing solar capacity at those sites. These solar projects leverage the interconnection rights of the peaking plants, allowing Earthrise to deploy renewable energy with greater speed and cost-efficiency. The company’s current development pipeline includes more than 1.4 gigawatts of clean energy capacity, all targeted to be operational by the end of 2028. Future financings are expected to follow a similar structure.

For this transaction, Earthrise was advised by Marathon Capital as its exclusive financial advisor. The tax equity investor was represented by Cornerstone Financial Advisors. Legal counsel included Latham & Watkins LLP for Earthrise, Milbank LLP for the lenders, and Akin Gump Strauss Hauer & Feld LLP for the tax equity investor.