Invenergy’s 23MW Illinois project lands refinancing

Facebook
Twitter
LinkedIn
Reddit
Email
Illinois' LaSalle County was the location chosen by Invenergy when it developed the 23MW PV plant in the early 2010s (Credit: Flickr / David Wilson)

A solar-targeted insurance policy has helped Invenergy refinance a utility-scale plant it developed in Illinois earlier this decade.

The 23MW Grand Ridge Solar installation, some 90 miles southwest from Chicago, has been supplied fresh debt by Mitsubishi UFJ Financial Group (MUFG).

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The facility, part of a solar-wind-storage complex in Illinois’ LaSalle County, was developed by Invenergy in the early 2010s.

In 2012, as the project secured its initial set of loans arranged by Union Bank, it was billed by Invenergy as the largest solar farm under construction in the US Midwest.

The installation’s refinancing this year was supported by an insurance policy from kWh Analytics, a San Francisco firm that works in solar risk management.

The so-called ‘solar revenue put’ acts, kWh Analytics explained, as a credit enhancement that protects cashflows.

On average, it helps solar portfolios reap 10% more debt when they opt to refinance, according to the firm’s estimates.

In Gran Ridge Solar’s case, the capacity of the insurance policy was provided by Swiss Re Corporate Solutions, kWh Analytics said in its statement.

The complex the solar plant is part of also features a 210MW wind farm, as well as energy storage systems of 31.5MW, 1.5MW and 3MW capacity.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

July 22, 2025
Statkraft has posted quarter-on-quarter declines in electricity generation and earnings in the second quarter of this year.
July 22, 2025
Canadian energy firm Enbridge will build a 600MW solar PV project in Texas with a power purchase agreement (PPA) in place with social media giant Meta.
July 22, 2025
The investigation launched on polysilicon under Section 232 could present the biggest supply chain challenge to the US solar industry, according to analyst Wood Mackenzie.
July 22, 2025
Spanish independent power producer (IPP) Zelestra  has begun commercial operations at its 435MWdc Gorbea solar project in the state of Rajasthan, India. 
July 22, 2025
AEMO has reported a record-breaking surge in new renewable energy generation and storage assets reaching full operation within the NEM.
July 21, 2025
Materials science firm Corning has acquired JA Solar’s 2GW module assembly plant in the US state of Arizona.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK