Earthrise Energy, a renewable energy independent power producer, announced the closing of $630 million in tax equity and debt financing for its 260 MWac Gibson City solar project within Illinois’s MISO power market.
The project is expected to reach commercial operation in 2026.
The debt financing includes 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, and a Fortune 500 telecommunications company provided the tax equity commitment.
Marathon Capital acted as the exclusive financial advisor, while Cornerstone Financial Advisors acted as the exclusive financial advisor to the tax equity investor. Latham & Watkins served as the principal counsel to Earthrise, while Milbank served as the principal counsel to the lenders.
“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,” said Kenton Harder, VP Capital Markets, Earthrise Energy.
“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,” added Jeff Hunter, CFO of Earthrise Energy.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale solar project funding increased by 27% in Q1 2025 compared to Q1 2024.
Earlier this week, rPlus Energies, a solar and energy storage project developer, secured over $500 million in tax equity funding commitments to support the development and construction of the Green River Energy project in Emery County, Utah.
