Earthrise Energy, an independent renewable energy power producer, announced the closing of a $360 million financing package to support the continued development of the company’s co-located solar project portfolio. The facility will also refinance its existing thermal portfolio debt.
The co-located solar project portfolio is expected to add over 1.7 GW of renewable electricity to the grid through projects, including the 270 MW Gibson City solar project, currently under construction and expected to achieve commercial operations in 2026, and four other projects expected to commence construction in 2026.
Santander and MUFG served as the lead left arranger and the lead right arranger, respectively, of the $360 million financing package, which comprises a $300 million term loan B, a $30 million letter-of-credit facility, and a $30 million revolving credit facility. Latham & Watkins advised Earthrise in the financing.
“We are pleased to complete this important financing, which we believe not only reflects the critical role our assets play in delivering reliable and resilient energy, but also the market’s confidence in our holistic approach to the energy transition,” said Jeff Hunter, Chief Executive Officer of Earthrise Energy. “This transaction marks another milestone for Earthrise following the closing of financing for, and ribbon-cutting ceremony at, Gibson City Solar earlier this year. We look forward to leveraging this capital to help us achieve our mission of powering our communities responsibly, sustainably, and equitably.”
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 December 2025, Nofar Energy, an Israeli renewable energy company listed on the Tel Aviv Stock Exchange, secured a €192 million (~$223.05 million) financing package for the development and construction of three solar projects totaling 531 MW in southeastern Romania.
