Adapture Renewables, a utility-scale solar and energy storage project developer, announced the closing of $233 million in tax equity financing commitments. The financing was secured from U.S. Bank for the development of two solar projects within its Titanium portfolio in Illinois and Arkansas.
Construction of the Titanium solar projects began in September 2024, and the first projects are expected to reach commercial operation in 2026. Once operational, the portfolio is expected to generate enough electricity to power more than 71,000 homes annually.
Last year, the company announced a $321 million construction and tax credit bridge facility with MUFG to support the broader 441 MW Titanium portfolio, encompassing three project sites in Arkansas and Illinois.
“This tax equity close reflects the strong economic fundamentals of these solar assets, our ability to construct them efficiently, and the growing depth of expertise in the organization,” said Thomas Houghton, CEO and President of Adapture. “We are pleased to further our long-standing partnership with U.S. Bank with these projects as we continue delivering high-quality, reliable solar assets to the market.”
U.S. Bank’s tax equity investments are a critical source of funding for project construction. “U.S. Bank invests in renewable energy projects that help strengthen the energy grid and drive local job creation,” said Eric Barr, senior vice president, Environmental Finance, U.S. Bank. “We are proud to support our long-standing customer Adapture with our tax equity financing and expertise as it expands its Titanium portfolio and delivers clean energy generation.”
According to Mercom’s 9M and Q3 2025 Solar Funding and M&A report, large-scale project funding increased by 43% in the first nine months of 2025 compared with the same period in 2024.
In January, Tauron Polska Energia, an energy utility company, secured a PLN 268.7 million (~$74 million) loan from Bank Gospodarstwa Krajowego under the National Recovery and Resilience Plan.
