Last Updated on December 16, 2025 by Author
Earthrise Energy, an independent power producer, announced the successful closing of a USD 360 million financing package to refinance its existing thermal portfolio debt and support the continued development of Earthrise’s co-located solar project portfolio.
Earthrise’s co-located solar portfolio is expected to add more than 1.7 GW of renewable electricity to the grid through projects including Gibson City, a 270 MWac solar project under construction and expected to achieve commercial operations in 2026, and four other projects expected to commence construction in 2026.
Santander and MUFG served as Lead Left Arranger and Lead Right Arranger, respectively of the USD 360 million financing package, which is comprised of a USD 300 million Term Loan B, a USD 30 million letter-of-credit facility and a USD 30 million revolving credit facility. Earthrise’s natural gas peaking fleet, which serves as collateral for the transaction, provides dependable capacity needed as the PJM and MISO markets face significant load growth from domestic onshoring and data center demand.
“We are pleased to complete this important financing, which we believe not only reflects the critical role our assets play in delivering reliable and resilient energy, but also the market’s confidence in our holistic approach to the energy transition,” said Jeff Hunter, Chief Executive Officer of Earthrise Energy. “This transaction marks another milestone for Earthrise following the closing of financing for, and ribbon cutting ceremony at, Gibson City Solar earlier this year. We look forward to leveraging this capital to help us achieve our mission of powering our communities responsibly, sustainably, and equitably.”
