Earthrise Energy Secures $630 Million Financing for MISO-based Solar Project
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 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.
Earthrise began acquiring portfolios of natural gas peaking power plants in 2021 and is currently developing and constructing adjacent solar capacity across all sites. These projects leverage the existing interconnection rights held by the peaking plants to deliver clean, cost-effective power to the grid with unparalleled speed to market. Earthrise's current project pipeline represents more than 1.4 GWs of new clean energy capacity expected to be brought online by the end of 2028, with future project financings likely to adopt a similar structure.
'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, Earthrise Energy.
'It has been a pleasure to collaborate with Earthrise in support of this important set of financings. As the industry aims to build a more sustainable future while serving increasing power demand, it is essential to embrace a comprehensive approach that leverages existing infrastructure to advance clean energy expansion. We look forward to Earthrise's continued leadership and impact across the clean energy markets,' concluded Ari Pribadi, Global Co-Head of Investment Banking, Marathon Capital.
Marathon Capital acted as exclusive financial advisor to Earthrise on the overall transaction. Cornerstone Financial Advisors acted as exclusive financial advisor to the tax equity investor. Latham & Watkins LLP acted as principal counsel to Earthrise. Milbank LLP served as principal counsel to the lenders, with Akin Gump Strauss Hauer & Feld LLP as principal legal counsel to the tax equity investor.
About Earthrise Energy
Earthrise Energy, PBLLC, is an independent power producer with a mission to reduce power sector greenhouse gas emissions faster than ever before. The company acquires, owns, and operates legacy fossil fuel assets and repurposes the transmission infrastructure for renewable energy development projects, bringing them online faster than typical greenfield renewable energy projects. Earthrise has 1.7 GW of gas-fired generation capacity and has a solar development pipeline of more than 1.7 GW. For more information about Earthrise Energy, visit: www.earthriseenergy.com.
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Yahoo
11-06-2025
- Yahoo
Earthrise Energy Secures $630 Million Financing for MISO-based Solar Project
Strengthens Capital Efficiency and Supports Scalable Renewable Expansion ARLINGTON, Va., June 11, 2025--(BUSINESS WIRE)--Earthrise Energy ("Earthrise"), an independent power producer, today announced the successful close of a $630 million, first-of-its-kind tax equity and debt financing for its 270 MWac solar project, Gibson City Solar, within Illinois' MISO power market. The project is expected to achieve commercial operations in 2026. The debt financing is comprised of 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 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. Earthrise began acquiring portfolios of natural gas peaking power plants in 2021 and is currently developing and constructing adjacent solar capacity across all sites. These projects leverage the existing interconnection rights held by the peaking plants to deliver clean, cost-effective power to the grid with unparalleled speed to market. Earthrise's current project pipeline represents more than 1.4 GWs of new clean energy capacity expected to be brought online by the end of 2028, with future project financings likely to adopt a similar structure. "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, Earthrise Energy. "It has been a pleasure to collaborate with Earthrise in support of this important set of financings. As the industry aims to build a more sustainable future while serving increasing power demand, it is essential to embrace a comprehensive approach that leverages existing infrastructure to advance clean energy expansion. We look forward to Earthrise's continued leadership and impact across the clean energy markets," concluded Ari Pribadi, Global Co-Head of Investment Banking, Marathon Capital. Marathon Capital acted as exclusive financial advisor to Earthrise on the overall transaction. Cornerstone Financial Advisors acted as exclusive financial advisor to the tax equity investor. Latham & Watkins LLP acted as principal counsel to Earthrise. Milbank LLP served as principal counsel to the lenders, with Akin Gump Strauss Hauer & Feld LLP as principal legal counsel to the tax equity investor. About Earthrise Energy Earthrise Energy, PBLLC, is an independent power producer with a mission to reduce power sector greenhouse gas emissions faster than ever before. The company acquires, owns, and operates legacy fossil fuel assets and repurposes the transmission infrastructure for renewable energy development projects, bringing them online faster than typical greenfield renewable energy projects. Earthrise has 1.7 GW of gas-fired generation capacity and has a solar development pipeline of more than 1.7 GW. For more information about Earthrise Energy, visit: View source version on Contacts EarthriseEnergy@
Business Wire
11-06-2025
- Business Wire
Earthrise Energy Secures $630 Million Financing for MISO-based Solar Project
ARLINGTON, Va.--(BUSINESS WIRE)--Earthrise Energy ('Earthrise'), an independent power producer, today announced the successful close of a $630 million, first-of-its-kind tax equity and debt financing for its 270 MWac solar project, Gibson City Solar, within Illinois' MISO power market. The project is expected to achieve commercial operations in 2026. The debt financing is comprised of 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 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. Earthrise began acquiring portfolios of natural gas peaking power plants in 2021 and is currently developing and constructing adjacent solar capacity across all sites. These projects leverage the existing interconnection rights held by the peaking plants to deliver clean, cost-effective power to the grid with unparalleled speed to market. Earthrise's current project pipeline represents more than 1.4 GWs of new clean energy capacity expected to be brought online by the end of 2028, with future project financings likely to adopt a similar structure. '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, Earthrise Energy. 'It has been a pleasure to collaborate with Earthrise in support of this important set of financings. As the industry aims to build a more sustainable future while serving increasing power demand, it is essential to embrace a comprehensive approach that leverages existing infrastructure to advance clean energy expansion. We look forward to Earthrise's continued leadership and impact across the clean energy markets,' concluded Ari Pribadi, Global Co-Head of Investment Banking, Marathon Capital. Marathon Capital acted as exclusive financial advisor to Earthrise on the overall transaction. Cornerstone Financial Advisors acted as exclusive financial advisor to the tax equity investor. Latham & Watkins LLP acted as principal counsel to Earthrise. Milbank LLP served as principal counsel to the lenders, with Akin Gump Strauss Hauer & Feld LLP as principal legal counsel to the tax equity investor. About Earthrise Energy Earthrise Energy, PBLLC, is an independent power producer with a mission to reduce power sector greenhouse gas emissions faster than ever before. The company acquires, owns, and operates legacy fossil fuel assets and repurposes the transmission infrastructure for renewable energy development projects, bringing them online faster than typical greenfield renewable energy projects. Earthrise has 1.7 GW of gas-fired generation capacity and has a solar development pipeline of more than 1.7 GW. For more information about Earthrise Energy, visit:
Yahoo
24-05-2025
- Yahoo
Area organizations receive grants from Earthrise Energy
Several non-profit organizations across Vermilion County have received grants from Earthrise Energy as part of their RISE Grant Program, including CRIS Healthy Aging. The energy company announced May 19 that it has awarded organization all around Illinois with 60 scholarships and grants totaling more than $1 million since it launched in 2022. CRIS Healthy Aging Lisa Miller, Executive Director of CRIS Healthy Aging, said they were delighted to receive the $25,000 grant, but haven't utilized it yet. 'We're going to use it for our senior information services department, which is our gateway to all the senior services we offer,' Miller said. The SIS department matches seniors with the services they need, including free bus passes, Medicaid and Medicare benefits enrollment program assistance, and food services, as well as gap funding, which helps with utility assistance, weatherization, and many more services. Part of the grant will also be used to assist people with in need of nutrition programs. It will help CRIS to distribute information about their food pantry, and assist with providing their home-delivered meals program. Since part of the meal delivery program involves clients making a donation but some seniors are unable to afford to do so, the grant funding helps bridge that gap, Miller said., The grant will also help CRIS utilize their Seniors Farmer's Market program, as well as their Garden Share program, Miller said. 'If people have an abundant garden, they can bring extra produce to CRIS, and one day a week, on Wednesdays at noon, we give them to other seniors in need,' Miller said. 'It's been a tough year with grants. Overall we lost $620,000 in grants just due to the population going down,' Miller said, 'so we were very grateful.' Aside from CRIS Healthy Aging, Gateway Family Services, It Takes a Village Mentorship, and Vermilion County Children's Advocacy Center have all received grants and scholarships from Earthrise. RISE Grant Program The RISE Grant Program focuses on three key areas of impact, including serving local communities, supporting excellence in education in the arts and STEM, and protecting the environment, according to the company's May 19 press release. 'Every RISE Grant award starts with listening—to educators, farmers, parents, conservationists, and local leaders who understand their community's needs best,' said Talya Tavor, Director of Community Engagement at Earthrise Energy. 'We're proud to support their work and to stand alongside our neighbors who are building stronger, healthier, and more resilient communities,' Tavor said. The RISE Grant Program has awarded $1,166,138 in grants and scholarships, as well as $368,077 in Community Benefit Agreements and local sponsorships since 2022. Application process To receive a grant, applicants must be registered and verified as a 501©(3) non-profit, charitable organization that provides services to Illinois residents by addressing, supporting, or advancing improvements in key identified areas of giving—education, the environment, and communities. They must provide programs or initiatives that 'show demonstrable impact in improving the lives of the communities where [Earthrise] operates,' according to their website. 'The RISE Grant Program helps tell the full story of who we are — not only as a clean energy developer and power plant owner/operator, but as a company deeply invested in local communities and long-term progress,' said Steve Vavrik, CEO of Earthrise Energy. Earthrise Energy owns and operates 1.7 gigawatts of natural gas generation capacity and is actively developing 1.5 gigawatts of solar energy across the Midwest, including the Gibson City Solar 1 & 2 projects, which are now in active construction. For more information or to apply for a grant, visit
