Earthrise raises US$630 million for 270MW Illinois solar project

The debt package includes a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility. European banks BBVA, Intesa Sanpaolo, and Nord/LB served as coordinating lead arrangers and bookrunners, with an undisclosed telecom firm providing the tax equity.

The new solar project will share a grid interconnection point with Earthrise’s operational thermal power plant, tapping into unused capacity rather than requiring a new connection, to streamline development and reduce costs. 

According to the firm, the project will use the Illinois Power Agency’s Indexed Renewable Energy Credit (REC) contract for a predictable revenue stream by adjusting credit prices in line with market fluctuations. 

“Securing this financing for Gibson City Solar, we have structured the first solar project finance transactions utilising surplus interconnection service in MISO. This structure attributes innovative structuring, which we believe will serve as a blueprint for similar projects going forward,” said Kenton Harder, VP of capital markets at Earthrise Energy. 

London, UK-headquartered Earthrise began acquiring natural gas plants in 2021 and is now adding solar projects at each site. Its pipeline totals more than 1.4GW of clean energy projects scheduled to begin commercial operations by 2028. 

According to data from the Solar Energy Industries Association (SEIA), Illinois’ total installed solar capacity stands at 6.2GW, with 2.8GW added in 2024 alone. Over the next five years, the market is projected to grow by an additional 12GW. Based on this forecast, the region ranks 7th nationally for solar growth potential.