Titanium is one of Adapture Renewables most significant utility-scale projects to date, adding 441 MW of generation to the grid upon completion later this year
OAKLAND, Calif.–(BUSINESS WIRE)–Adapture Renewables, Inc. (Adapture), a utility-scale solar and energy storage developer, owner, and operator, today announced the closing of $233 million in tax equity financing commitments from U.S. Bank for two solar projects within its Titanium portfolio.
This commitment marks a major milestone as Adapture advances toward construction completion and commercial operation of the multi-site portfolio. Last year, the company announced a $321 million construction and tax credit bridge facility with MUFG, supporting the broader 441 MW Titanium portfolio, which spans three project sites in Arkansas and Illinois.
“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.”
U.S. Bank’s tax equity investments are a critical source of funding for project construction. “U.S. Bank invests in renewable energy projects that help strengthen the energy grid and drive local job creation,” said Eric Barr, senior vice president, Environmental Finance, 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.”
“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.”
Construction began on the Titanium portfolio in September 2024, and the first projects are expected to reach commercial operation this year. Once operational, the portfolio is expected to generate enough electricity to power more than 71,000 homes annually.
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 Climate – a private investment firm established by the Kirk Kristiansen family, owners of the LEGO Group and other holdings, to build high-impact businesses that accelerate the energy transition – 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 U.S. Bank:
U.S. Bancorp, with approximately 70,000 employees and $695 billion in assets as of September 30, 2025, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2025 World’s Most Ethical Companies and one of Fortune’s most admired superregional banks. Learn more at usbank.com/about.
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