Earthrise Energy has closed on a $630 million, first-of-its-kind tax equity and debt financing for its 270-megawatt solar project, Gibson City Solar, within Illinois’ MISO power market. The project is expected to achieve commercial operations in 2026. The debt financing comprises 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.
This novel transaction is distinguished by its shared point of interconnection between the solar project and Earthrise’s existing thermal power plant, using surplus interconnection service. The transaction is also one of the first solar project financings to utilize the Illinois Power Agency’s Indexed Renewable Energy Credit offtake contract.
“Securing this financing for Gibson City Solar marks a significant m
