Earthrise Energy has announced the successful closing of a $630 million debt and tax equity financing—the first of its kind—for its 270 MWac Gibson City Solar project, located within the MISO energy market in Illinois, USA.

According to the company, the project is expected to enter commercial operation in 2026. This innovative transaction is notable for its shared interconnection point between the solar project and Earthrise’s existing thermal plant, utilizing surplus interconnection service. It also represents one of the first solar project financings to use the Illinois Power Agency’s Indexed Renewable Energy Credit (REC) Purchase Agreement.

The debt financing includes a term construction loan, a tax equity bridge loan, and a letter of credit facility. BBVA, Intesa Sanpaolo, and Nord/LB served as joint lead arrangers and bookrunners for the debt financing, while a Fortune 500 telecommunications company provided the tax equity commitment.

Kenton Harder, Vice President of Capital Markets at Earthrise Energy, stated: “Securing financing for Gibson City Solar marks a major milestone for Earthrise, and we’re proud to have structured the first solar project financing transactions utilizing surplus interconnection service in MISO. This structure featured elements that required innovative solutions, and together with the lead arrangers and tax equity investor, we developed a model we believe can guide similar projects in the future.”