Another late-stage solar portfolio just cleared capital, and the structure matters more than the headline number.

Adapture Renewables has secured a $233 million tax equity investment from US Bank to support construction of its Titanium solar portfolio in the US. US Bank is the sole tax equity investor, following Adapture’s earlier $321 million construction and tax credit bridge facility with MUFG. Together, the capital stack fully underwrites construction risk well ahead of operations.

The insight is simple: capital is flowing to solar portfolios with execution certainty, not just scale.

The 441 MW Titanium portfolio spans three utility-scale projects across Arkansas and Illinois. Tax equity financing applies to two of the three assets, including Cherry Valley, Cooks Mill, and Crooked Creek PV I. Construction began in September 2024, with commercial operations expected in 2026.

What changed is not investor appetite for solar—it’s where confidence comes from. This portfolio already has construction underway, a fully defined financing stack, and an Environmental Attributes Purchase Agreement with Meta in place. That combination materially reduces delivery risk and improves revenue visibility, which is exactly what tax equity providers are prioritizing right now.

Commercially, this deal reinforces a broader market reality. Tax equity is still available, but it is increasingly selective. Sole-investor structures signal conviction and speed, especially when paired with bridge financing that allows construction to proceed without interruption.

The winners in this market are developers who can align construction start, tax equity close, and corporate offtake early. Scale alone is no longer enough—stacked certainty is what clears capital.

Want to stay updated on the latest renewable energy deals and strategies shaping the future of power?
Explore our latest insights, project updates, and more at Enerdatics.
Don’t forget to subscribe to our newsletter for real-time updates.