Adapture Lands $233M Deal to Power Midwest's Clean Energy Transition

OAKLAND, CA – January 07, 2026 – Adapture Renewables, Inc. has secured a major financial milestone, closing $233 million in tax equity financing from U.S. Bank. The commitment is a critical injection of capital for two large-scale solar projects within the company's ambitious Titanium portfolio, which is set to bolster the clean energy grids of Illinois and Arkansas.

The deal marks a significant step forward for the Oakland-based developer, signaling strong institutional confidence in its ability to bring massive renewable energy infrastructure online. This latest financing builds upon a previous $321 million construction and tax credit bridge facility announced last year with MUFG, which supported the broader 441-megawatt (MW) Titanium portfolio.

“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,” said Thomas Houghton, CEO and President of Adapture. “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.”

The Titanium Portfolio: A Closer Look at the Impact

The Titanium portfolio represents Adapture’s largest project development to date, comprising three distinct sites across Illinois and Arkansas. Once fully operational, the 441 MW portfolio is projected to generate enough carbon-free electricity to power over 71,000 American homes annually, making a substantial contribution to regional decarbonization goals.

Construction across the portfolio officially began in September 2024, with the first sites expected to achieve commercial operation this year. One of the key projects is the Cooks Mill Solar Energy Project in Mattoon, Illinois. This 128 MWdc facility, featuring 116,000 solar panels, is expected to power approximately 20,000 homes on its own. Together with a second central Illinois site, the projects are poised to deliver a significant economic windfall to the region, creating an estimated 300 full-time equivalent construction jobs and a net economic impact of around $250 million for local communities and the state.

These projects are strategically located in areas designated by the Department of Energy as "Energy Communities," a classification that highlights regions historically reliant on fossil fuel economies. By developing renewable assets in these areas, Adapture aims to provide diversified income streams for landowners and long-term economic value that supports a just energy transition.

The Financial Engine: How Tax Equity Fuels Solar Growth

For projects of this magnitude, tax equity financing is not just helpful—it is the financial lifeblood that makes them possible. This specialized funding mechanism allows developers like Adapture to monetize federal tax credits, such as the Investment Tax Credit (ITC), by partnering with large financial institutions that have significant tax liabilities. In exchange for the tax benefits, the institution provides upfront capital that is essential for covering the immense costs of construction.

U.S. Bank has emerged as a powerhouse in this space. “U.S. Bank invests in renewable energy projects that help strengthen the energy grid and drive local job creation,” noted Eric Barr, senior vice president of Environmental Finance at U.S. Bank. “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.”

Since 2008, the financial giant has invested over $12.6 billion, helping to develop more than 15 gigawatts of solar capacity across the nation. The recent Inflation Reduction Act (IRA) of 2022 has further revolutionized this landscape. By introducing transferability, the IRA allows developers to sell their tax credits directly to other corporations for cash, broadening the pool of potential investors beyond traditional banks and simplifying the financing process. This policy shift has been instrumental in de-risking projects and accelerating the pace of renewable energy deployment nationwide.

“Our teams worked closely and diligently to bring this over the finish line,” said Ben Schneider, Managing Director of Project Finance at Adapture. “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.”

A LEGO-Backed Powerhouse in Renewable Energy

Adapture Renewables' rapid ascent in the competitive utility-scale solar market is powered by a unique and formidable backer: KIRKBI Climate. This private investment firm was established by the Kirk Kristiansen family, renowned as the owners of the LEGO Group, with a mission to build high-impact businesses that accelerate the global energy transition.

This ownership provides Adapture with exceptional financial stability and a long-term strategic vision, allowing it to take a more thoughtful and diligent approach to project development. Since being acquired by KIRKBI in 2019, Adapture has expanded its operating solar capacity from 70 MW to over 344 MW, with a massive 4-gigawatt pipeline of projects currently in development across twelve states.

This growth trajectory is evident in its recent activities beyond the Titanium portfolio. The company recently brought a 67 MW solar facility online in Hunt County, Texas, and acquired a 110 MW solar-plus-storage project in Colorado, marking its entry into that state's market. This steady expansion, combined with a comprehensive in-house model covering everything from development and legal services to EPC management, positions Adapture as a key player building America's clean energy future.

Beyond the financial and environmental benefits, the company is also investing in human capital. Through its partnership with contractor Alberici Constructors on the Cooks Mill project, Adapture is supporting the "Leaders Innovating for Tomorrow (LIFT)" program in central Illinois. This initiative provides high school students with valuable hands-on educational opportunities in skilled trades, helping to cultivate the next generation of professionals needed to build and maintain the nation's evolving energy infrastructure.