Earthrise Energy, PBC, an independent power producer founded to accelerate the clean energy transition, announced today that it raised more than $250 million in debt financing from several leading financial institutions, including ING Capital LLC, MUFG Bank, Ltd., and Norddeutsche Landesbank – Girozentrale (Nord/LB), to scale its business during the past year.
“We are proud to partner with ING, MUFG, Nord/LB, and other global financial institutions at the forefront of the clean energy transition,” said Carla Tully, CEO of Earthrise Energy. “This funding has enabled us to grow Earthrise’s asset portfolio and strengthen our ability to execute our business strategy as we work to advance a clean energy future where power is reliable, resilient, and renewable.”
Associated Bank, N.A., Cadence Bank, and Siemens Financial Services, Inc. also participated in the financing, which was used to expand Earthrise’s business operations and acquire five natural gas peaking plants. The plants located in central Illinois include the Shelby County Energy Center in Neoga, the Gibson City Energy Center in Gibson City, and the Tilton Energy power plant in Tilton. In northeastern Illinois, this includes the Lincoln Generating Facility in Manhattan and the Crete Energy Venture power plant in Crete. Combined these power plants provide nearly 1.7 gigawatts of capacity to the market and provide Earthrise with a platform to build more than 1.5 gigawatts of renewable energy projects in these regions and which will serve the PJM and MISO markets.
“We were thrilled to underwrite and lead Earthrise’s first power project acquisitions in their initial round of debt financing, as they help drive the U.S. to a net zero future,” said Louise Pesce, Managing Director of Project Finance at MUFG Bank. “The Earthrise leadership team’s clear approach and strong execution provide the company with clear competitive advantages and have helped it rapidly establish itself in the energy industry.”
“The Earthrise team has shown their ability to grow the business as they pursue their ambitious energy transition goals,” said Sven Wellock, Managing Director and Co-Lead of Energy – Renewables and Power of ING Capital. “We enthusiastically support Earthrise’s mission and their work to keep the lights on while decarbonizing the electric grid.”
Nord/LB Managing Director and Head of Originations, Americas Nicolai Dillow, added, “Nord/LB is pleased to help Earthrise accelerate the clean energy transition. We believe that Earthrise’s dedication to providing critical reliability services to the grid and its push to develop renewable energy projects will help bring clean energy to the U.S. grid faster and more efficiently.”
Earthrise’s initial debt financing rounds build upon equity investments previously made by Vision Ridge Partners, a sustainable real assets investor that seeks to capitalize on the global transition to sustainability by identifying, developing, and transforming complex assets across the energy, transportation, and agriculture market sectors.
About Earthrise Energy
Earthrise Energy, PBC, is an independent power producer advancing the clean energy transition. As a public benefit corporation, Earthrise seeks to power our world more responsibly, sustainably, and equitably than ever before. The company acquires, develops, and operates power generation facilities to provide reliable electricity, support decarbonizing the grid, and meet the evolving needs of our customers and communities. The company is developing more than 1.5 gigawatts of renewable energy projects and has an operating portfolio of flexible natural gas peaking plants that provide nearly 1.7 gigawatts of capacity to support a future energy system that is reliable, resilient, and renewable. Learn about Earthrise Energy at https://earthriseenergy.com.
About Vision Ridge Partners
Vision Ridge Partners is a sustainable real assets investor that seeks to capitalize on the global transition to sustainability by identifying, developing, and transforming complex assets across energy, transportation, and agriculture. With offices in Colorado and New York, Vision Ridge manages $3.1 billion on behalf of institutional investors globally, as of September 30, 2022. For more information visit: https://vision-ridge.com.