Adapture Renewables announced it has closed $233 million in tax equity financing commitments from U.S. Bank to support two solar projects in its Titanium portfolio, advancing the multi-site development toward construction completion and commercial operation.
The company said the tax equity commitment follows its previously announced $321 million construction and tax credit bridge facility with MUFG, which supports the broader 441-megawatt Titanium portfolio spanning three project sites across Arkansas and Illinois. Adapture said construction for the Titanium portfolio began in September 2024, and the first projects are expected to reach commercial operation in 2026.
Once operational, Adapture said the Titanium portfolio is expected to generate enough electricity to power more than 71,000 homes annually.
Adapture develops, owns, and operates utility-scale solar and energy storage projects and is owned by KIRKBI Climate, a private investment firm established by the Kirk Kristiansen family, owners of the LEGO Group and other holdings, to build businesses intended to accelerate the energy transition. U.S. Bank said its tax equity investments are intended to support renewable projects that strengthen the grid and help drive local job creation.
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“This tax equity close reflects the strong economic fundamentals of these solar assets, our ability to construct them efficiently and the growing depth of expertise in the organization. We are pleased to further our long-standing partnership with U.S. Bank with these projects as we continue delivering high-quality, reliable solar assets to the market.”
Thomas Houghton, CEO and President, Adapture Renewables
“U.S. Bank invests in renewable energy projects that help strengthen the energy grid and drive local job creation. We are proud to support our long-standing customer Adapture with our tax equity financing and expertise as it expands its Titanium portfolio and delivers clean energy generation.”
Eric Barr, Senior Vice President, Environmental Finance, U.S. Bank
“Our teams worked closely and diligently to bring this over the finish line. This closing is another major step forward for the Titanium projects, and we are grateful to the team at U.S. Bank for continuing to be a crucial partner in the growth of Adapture’s portfolio.”
Ben Schneider, Managing Director of Project Finance, Adapture Renewables
