Adapture Renewables, Inc., a utility-scale solar and energy storage project developer, owner, and operator, today announced that it has secured $321 million in financing from Mistubishi UFJ Financial Group (MUFG), to support the construction of its largest project to date. Adapture Renewables’ Titanium portfolio (Titanium) is a 441 MW solar project spanning three sites across Arkansas and Illinois.
MUFG, the global leader in renewable energy finance and the top-ranked project finance lender in the Americas, with over $17.6B in arranged loans in 2024, served as the lead arranger and administrative agent for the financing. This transaction represents Adapture Renewables' first partnership with MUFG, reflecting the company’s growing credibility within capital markets.
“This financing marks a pivotal moment for Adapture Renewables,” said Thomas Houghton, Founder and CEO of Adapture Renewables. “Securing construction capital from a globally recognized financial institution like MUFG demonstrates the strength of our project portfolio and our ability to scale development. This transaction represents a real paradigm shift for our company as we continue to expand our footprint in the renewable energy sector.”
The $321 million facility is divided between a construction loan and a tax credit bridge loan, a novel financing structure that has only recently become widely available from major lenders as a result of the ITC transferability provisions included in the Inflation Reduction Act.
“This transaction underscores the financial community’s confidence in Adapture Renewables as a leading project developer,” said Louise Pesce, Managing Director at MUFG. “We are pleased to offer a customized financing solution to support Adapture Renewables’ largest portfolio to date, and we look forward to future collaborations as they continue to grow.”
Titanium’s first site broke ground last fall and is expected to achieve commercial operation in early 2026. Previously, Adapture Renewables announced the signing of three Environmental Attributes Purchase Agreements (EAPAs) with Meta to procure renewable energy from three solar projects as the offtaker.
“These projects will play a significant role in delivering clean energy while also driving economic opportunities and community benefits in these Arkansas and Illinois municipalities,” said Ben Schneider, Managing Director of Project Finance at Adapture Renewables. “Debt capital partnerships like this enable us to scale our development and construction pipeline so that we can make a difference in communities across America.”
Together, Titanium’s three sites will generate enough clean energy to power over 71,000 homes annually, helping to drive the energy transition. By siting the projects in Department of Energy-designated Energy Communities, Adapture Renewables is reinforcing its commitment to delivering not only clean power but also long-term economic value to these regions.
“Our goal is to build a long-term, sustainable business that delivers high-quality renewable energy projects,” added Houghton. “This transaction is an important milestone, and we are excited to continue expanding our impact.”
About Adapture Renewables, Inc.: Adapture Renewables, Inc. is a utility-scale solar and energy storage project developer, owner and operator. The company leverages its proven track record, deep domain expertise and comprehensive in-house development, EPC management, legal and project finance services to efficiently and effectively drive projects from origination to long-term operation. Owned by KIRKBI – the private holding and investment company of the Kirk Kristiansen family founded to build a sustainable future for the LEGO® brand through generations – Adapture Renewables, Inc. has the financial footing necessary to take a diligent and thoughtful approach to project development and is invested in its projects’ long-term success. The company’s culture of creative problem-solving and shared mission to accelerate the global transition to clean energy contribute to its success deploying, owning and operating solar and energy storage assets across twelve states, along with a pipeline of projects in development across the US. Adapture Renewables, Inc. is based in Oakland, CA. For more information about Adapture Renewables, Inc., visit https://adapturerenewables.com.
About MUFG and MUFG Americas: Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,100 locations in more than 50 countries. MUFG has nearly 160,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to be “the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.
MUFG’s Americas operations, including its offices in the U.S., Latin America, and Canada, are primarily organized under MUFG Bank, Ltd. and subsidiaries, and are focused on Global Corporate and Investment Banking, Japanese Corporate Banking, and Global Markets. MUFG is one of the largest foreign banking organizations in the Americas. For locations, banking capabilities and services, career opportunities, and more, visit www.mufgamericas.com.
