Adapture Renewables, a utility-scale solar and energy storage project developer, secured a $321 million debt facility from Mitsubishi UFJ Financial Group (MUFG), comprising a construction loan and a tax credit bridge loan.
The financing will support the construction and development of the company’s Titanium solar portfolio totaling 441 MW spanning three sites across Arkansas and Illinois.
The construction on the first site, the 128 MWdc Cooks Mill solar project in Mattoon, Illinois, began in the fall of 2024. The project will utilize 116,000 solar panels and is expected to reach commercial operation in early 2026. Alberici Constructors is providing the project’s engineering, procurement, and construction services.
In 2023, the company signed three environmental attributes purchase agreements with Meta to procure 330 MW of renewable energy from the three projects as the off-taker.
“This transaction underscores the financial community’s confidence in Adapture Renewables as a leading project developer,” said Louise Pesce, Managing Director at MUFG. “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.”
“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,” said Ben Schneider, Managing Director of Project Finance at Adapture Renewables. “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.”
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding in 2024 increased 21% year-over-year.
Earlier this week, Ellomay Capital, a renewable energy project developer in Europe, the U.S., and Israel, announced that its wholly owned subsidiary Ellomay Holdings Luxembourg Sarl entered into a project financing agreement amounting up to €110 million (~$114.11 million) for the construction of its 198 MW solar project portfolio in Italy.
