Latham & Watkins Advises Earthrise Energy on US$630 Million Financing for MISO-Based Solar Project

Earthrise Energy (Earthrise), an independent power producer, has announced the successful close of a US$630 million, first-of-its-kind tax equity and debt financing for its 270 MWac solar project, Gibson City Solar, within Illinois’ MISO power market. The project is novel in that it uses surplus interconnection service in MISO, with the Gibson City Thermal Project as the existing facility. The project is expected to achieve commercial operations in 2026.

The debt financing is composed of a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility. BBVA, Intesa Sanpaolo, and Nord/LB served as coordinating lead arrangers and bookrunners for the debt financing, and a Fortune 500 telecommunications company provided the tax equity commitment.

Latham & Watkins LLP advised Earthwise in the financing, with a project finance team led by partner Cameron Lyons, with associates Jesse Van Genugten, Sharon Ho,* Chandler Keller, Josh Podolsky, and Mina Kim. Advice was also provided on tax matters by Scott Cockerham, with associate Jared Kawalsky; on energy regulatory matters by partner Tyler Brown; on derivatives matters by partner Carlos Alvarez, with associates Naffie Lamin and Mia Stefanou; and on insurance matters by counsel Hannah Cary.

*Admitted to practice in Western Australia only.