Adapture’s first solar project for Meta broke ground last fall in Mattoon, Illinois (Photo provided by Adapture)

Adapture Renewables Inc. of Oakland has secured financing to build a 441-megawatt solar project for Meta in Arkansas and Illinois.

Mitsubishi UFJ Financial Group, a leader in renewable energy finance, is supplying $321 million for the project. Adapture has named the arrays its Titanium portfolio.

The financing package includes a construction loan and a tax credit bridge loan. In a news release, the company said the financing structure has only become widely available. Major lenders began making such deals after the Inflation Reduction Act of 2022.

The announcement of the portfolio for Meta, formerly Facebook, followed on the heels of similar news a week ago. That’s when Clearloop of Nashville, Tennessee, announced plans to supply Microsoft with solar power from facilities to be built in Poinsett, Cross and Desha counties.

Adapture’s announcement did not name any specific Arkansas sites, though Arkansas Business previously reported that Adapture and Facebook were partnering on a solar project in Cross County. Sites in areas with little history of energy investment were intentionally selected. The solar power will help Meta maintain its global pledge of net zero emissions as it grows. Meta is one of the world’s largest power-buying corporations.

“Securing construction capital from a globally recognized financial institution like MUFG demonstrates the strength of our project portfolio and our ability to scale development,” Adapture founder and CEO Thomas Houghton said in a statement. “This transaction represents a real paradigm shift for our company as we continue to expand our footprint in the renewable energy sector.”

‘Important Milestone’

The Titanium portfolio broke ground on its first site last fall in Mattoon, Illinois. Adapture expects to be operating that array by early 2026. Meta will offtake the power under three environmental attributes purchase agreements.

“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.”

“Our goal is to build a long-term, sustainable business that delivers high-quality renewable energy projects,” added Houghton. “This transaction is an important milestone, and we are excited to continue expanding our impact.”