MISO (Midcontinent Independent System Operator) is an independent, not-for-profit organisation that operates and manages the electric grid in the central United States. They ensure the reliable and affordable delivery of power across 15 US states and the Canadian province of Manitoba. MISO also facilitates the buying and selling of electricity within its region.
The Gibson City Solar project is expected to achieve commercial operations in 2026. The transaction is distinguished by its shared point of interconnection between the solar project and Earthrise’s existing thermal power plant, using surplus interconnection service.
“Securing this financing for Gibson City Solar marks a significant milestone for Earthrise, and we are proud to have structured the first solar project finance transactions utilising surplus interconnection service in MISO” said Kenton Harder, VP Capital Markets, Earthrise Energy. “This structure presented attributes that required innovative structuring, and together with the coordinating lead arrangers and tax equity investor we developed solutions which we believe will serve as a blueprint for similar projects going forward.”
Earthrise began acquiring portfolios of natural gas peaking power plants in 2021 and is currently developing and constructing adjacent solar capacity across all sites. These projects utilise the existing interconnection rights held by the peaking plants to deliver clean, cost-effective power to the grid with unparalleled speed to market. Earthrise’s current project pipeline represents more than 1.4 GWs of new clean energy capacity expected to be brought online by the end of 2028, with future project financings likely to adopt a similar structure.
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