Utility-scale projects developer Adapture Renewables has secured $321m in financing from Mitsubishi UFJ Financial Group (MUFG) to support the construction of the 441MW Titanium solar portfolio in the US.
The financing facility is structured as a construction loan and a tax credit bridge loan.
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Adapture Renewables’ Titanium solar portfolio spans three sites across the states of Arkansas and Illinois, which will generate enough clean energy to power 71,000 homes annually.
The construction of the first site, the Cooks Mill project, began in September 2024 and will be operational by early 2026.
The project will include 116,000 solar panels and is one of two solar energy projects Adapture Renewables is developing in central Illinois.
By locating the projects in Department of Energy-designated Energy Communities, Adapture Renewables aims to provide both clean power and long-term economic benefits to these regions.
Adapture Renewables managing director of project finance Ben Schneider stated: “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.
“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.”
This transaction marks Adapture Renewables’ first collaboration with MUFG, which served as the lead arranger and administrative agent for the financing.
MUFG managing director Louise Pesce stated: “This transaction underscores the financial community’s confidence in Adapture Renewables as a leading project developer.
“We are pleased to offer a customised financing solution to support Adapture Renewables’ largest portfolio to date, and we look forward to future collaborations as they continue to grow.”
In December 2023, Adapture Renewables acquired three solar projects in the US totalling 333MW from TED Renewables.
