Earthrise Energy Closes $360 Million Deal To Refinance Thermal Assets And Expand Its 1.7 GW Solar Project Pipeline

Earthrise Energy, an independent power producer, announced that it has closed a $360 million financing package designed to refinance the company’s existing thermal portfolio debt and support ongoing development of its co-located solar projects. These projects are expected to contribute more than 1.7 GW of renewable electricity to the grid. Among them is Gibson City, a 270 MWac solar facility currently under construction and scheduled to begin commercial operations in 2026. Four additional co-located solar projects are also planned to start construction in 2026.

The financing was arranged with Santander serving as Lead Left Arranger and MUFG as Lead Right Arranger. The package includes a $300 million Term Loan B, a $30 million letter-of-credit facility, and a $30 million revolving credit facility. The loan is secured by Earthrise’s natural gas peaking fleet, which provides reliable capacity at a time when both the PJM and MISO markets are experiencing significant load growth driven by domestic onshoring activity and rising demand from data centers.

Jeff Hunter, Chief Executive Officer of Earthrise Energy, said the completion of this financing marks an important step for the company. He noted that the transaction highlights the essential role Earthrise’s assets play in supporting a dependable and resilient energy system, while also demonstrating market confidence in the company’s comprehensive approach to advancing the energy transition. Hunter added that this milestone follows the recent financing close and ribbon-cutting ceremony for Gibson City Solar earlier in the year, and that the new capital will help Earthrise continue moving toward its mission of providing energy to communities responsibly, sustainably, and equitably.