Startup Sneaks More Solar Energy Into The Grid

The article highlights a Virginia-based startup, Earthrise, which is advancing the US solar energy sector despite federal policy challenges posed by the “Big Beautiful Bill” that includes provisions unfavorable to renewables. Earthrise recently secured financing for the 270-megawatt Gibson City Solar project in Illinois, notable for its size amid growing local opposition to solar developments. The project’s financing is unique, involving a “first-of-its-kind” tax equity and debt deal coordinated by major international banks BBVA, Intesa Sanpaolo, and NORD/LB, alongside a tax equity commitment from a Fortune 500 telecommunications company. This deal also leverages a new Indexed Renewable Energy Credit offtake agreement authorized by the Illinois Power Agency, signaling innovative state-level support for solar. What sets Earthrise apart is its strategic business model of acquiring existing gas peaker plants and their grid interconnections—totaling about 1.7 gigawatts—and repurposing these connections for solar projects, including over