US clean energy developer Adapture Renewables has secured US$233 million in tax equity from US Bank to support its 441MW Titanium solar PV project portfolio.
The multi-site Titanium project portfolio spans three sites in the US states of Arkansas and Illinois. Adapture said that closing the commitment from US Bank was a “major milestone” towards finishing construction and beginning operations on the sites.
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“This tax equity close reflects the strong economic fundamentals of these solar assets,” said Thomas Houghton, CEO of Adapture Renewables.
Adapture secured US$321 million towards the Titanium project portfolio back in March 2025 from Japanese bank MUFG, which was also a tax credit loan. Adapture will leverage tax credit transferability provisions for the projects, which qualify for the Investment Tax Credit (ITC) introduced under the Biden administration’s Inflation Reduction Act (IRA).
Those credits have since been slashed and the timelines for eligibility significantly shortened in changes wrought by the Trump administration in the President’s “One, Big, Beautiful Bill Act” (OBBBA) mid-last year.
Projects looking to retain IRA tax credits before they are recalled must start construction before 4 July or, failing that, be placed in operation before 2027. PV Tech Premium spoke with experts from accountancy firm Baker Tilly about the challenges facing developers and projects as those deadlines loom.
Construction began on the Titanium portfolio in September 2024, and Adapture said it expects the first projects to reach commercial operation this year.
In December 2023, the company bought the 450MWdc Titanium portfolio of three PV projects from Japanese-owned US developer Tyr Energy Development Renewables (TED). The projects will interconnect to the Midcontinent Independent System Operator (MISO) grid area, which covers much of the Midwest US including Arkansas and Illinois.
More recently, Adapture has signed a pair of environmental attribute purchase agreements (EAPA) with social media and data giant Meta for a 360MW solar portfolio in Texas comprising two projects that Adapture said will be operational in 2027. The company also acquired a 110MW solar-plus-storage project in Colorado in March last year.
