Adapture Secures $321Mn Debt Facility For 441 MW Solar Project In US

Adapture Renewables, Inc., a utility-scale solar and energy storage project developer, owner, and operator, has secured $321 million in financing from Mistubishi UFJ Financial Group (MUFG). This financing would support the construction of its largest project. Adapture Renewables’ Titanium portfolio (Titanium), is a 441 MW solar project spanning three sites across Arkansas and Illinois. The funding comes even as apprehensions continue to roil RE firms on the view that the Trump administration takes towards renewable power.

MUFG, the global leader in renewable energy finance and the top-ranked project finance lender in the Americas, with over $17.6B in arranged loans in 2024, served as the lead arranger and administrative agent for the financing. This transaction represents Adapture Renewables’ first partnership with MUFG.

The $321 million facility is divided between a construction loan and a tax credit bridge loan, a novel financing structure that has only recently become widely available from major lenders as a result of the ITC transferability provisions included in the Inflation Reduction Act. “This transaction underscores the financial community’s confidence in Adapture Renewables as a leading project developer,” said Louise Pesce, Managing Director at MUFG. “We are pleased to offer a customized financing solution to support Adapture Renewables’ largest portfolio to date, and we look forward to future collaborations as they continue to grow.” It is widely expected that the Trump administration will not interfere with committed tax credits under the IRA, for now.

Titanium’s Other Projects

Previously, Adapture Renewables announced the signing of three Environmental Attributes Purchase Agreements (EAPAs) with Meta to procure renewable energy from three solar projects as the offtaker.