US solar and storage developer Adapture Renewables has secured US$321 million in finance from the Japanese Mitsubishi UFJ Financial Group (MUFG) to support the development of a 441MW solar portfolio.
The portfolio, dubbed Titanium, will cover three sites across the US states of Arkansas and Illinois, and follows the acquisition of 330MW of capacity across the states in 2024. The previous year, Adapture signed a power purchase agreement (PPA) to sell 330MW of capacity to technology giant Meta and has since started construction of the projects. It aims to commission the first facility, the 128MW Cooks Mill project in Illinois, next year.
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“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. “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.”
MUFG served as lead arranged and administrative agent for the financing, and its financing will take the form of a construction line and a tax credit bridge loan, a type of financing structure that has only become widely available since the passage of the Inflation Reduction Act (IRA) in 2022.
Last year, Joel Hugenberger, a partner at law firm McDermott Will & Emery, told PV Tech Premium that the tax credit transfer market had “blown open” investments in the US renewable power space, with investors now able to offer a much greater range of financing structures than prior to the IRA’s passage.
The arrangement is MUFG’s latest investment into the US clean energy space, following its investment in a Matrix Renewables project to be built in Texas last year.
The group arranged over US$17.6 billion in loans for clean energy projects in the Americas in 2024, and invested around JPY27.7 trillion (US$190 billion) into sustainable finance between its 2019 financial year and the first half of its 2023 financial year, the last period for which the group has published data.
