Cherry Valley Solar I closes financing for 135 MW photovoltaic project in Arkansas
In Cross County, Arkansas, the 135 MW photovoltaic plant closed its non-recourse financing on February 21, 2025 through U.S. Bank, following its acquisition by Adapture Renewables.
| Sectors | Solar Energy, Photovoltaic |
|---|---|
| Themes | Investments & Transactions, Energy Asset Transfers |
| Companies | EDP Renewables, Adapture Renewables, SOLV Energy, U.S. Bank, ZNSHINE SOLAR |
| Countries | United States |
Cherry Valley Solar I, a 135 MW photovoltaic plant located in Cross County, Arkansas, closed its non-recourse financing on February 21, 2025. U.S. Bank provided the term loans for this structure. The project, developed on approximately 850 acres of private agricultural land, is designed to power up to 20,000 homes per year. Commissioning is scheduled for April 22, 2026, in a context of accelerating solar financial closes in the United States, similar to Doral Renewables closes financing for 430 MWac solar project in Texas.
From independent developer to long-term operator
TED Renewables, a wholly owned subsidiary of Tyr Energy, Inc. based in Overland Park, Kansas, has been developing the project since approximately 2022, working directly with local landowners. These farming families in Cross County, present for more than a century on their land, welcomed the partnership as a means of diversifying their activities. In December 2023, Adapture Renewables announced the acquisition of three solar projects in MISO (Midcontinent Independent System Operator) territory in Illinois and Arkansas from TED Renewables, for a total capacity of 333 MWac or 450 MWdc. This transaction was Adapture Renewables' second major acquisition of the year, marking its entry into the Illinois and Arkansas markets. Among other photovoltaic assets reaching their delivery phase, Meralco PowerGen begins delivering 85 MW solar to Luzon grid in Philippines.
Robert Shanklin, President and Chief Executive Officer of TED Renewables, stated at the time of the transaction: "Over the past five years, TED Renewables has successfully completed three outstanding projects, and we are pleased that Adapture Renewables will carry them to completion." Adapture Renewables is owned by KIRKBI, the private holding company of the Kirk Kristiansen family, established to preserve the LEGO brand across generations. This financial backing enables the company to take a long-term approach to renewable asset development.
A technical line-up of industry-leading players
SOLV Energy is handling construction as EPC (engineering, procurement and construction) contractor. The company claims more than 18 gigawatts built across 34 U.S. states, and provides operations and maintenance services for a portfolio exceeding 15 gigawatts in North America. Photovoltaic modules are supplied by ZNSHINE SOLAR, rated Tier 1 by BloombergNEF and Top Performer by PVEL, for 155.7 MW. Hounen Solar supplies an additional 29.3 MW, while Sungrow provides the inverters.
Over the project's anticipated 40-year lifespan, Cherry Valley Solar I is expected to generate $13.7 million in additional tax revenues for the county. Approximately $3.75 million would flow directly to the Cross County school district. The City of Cherry Valley will receive a $1 million community development grant over 8 years, and the Cherry Valley substation will be replaced with new infrastructure as part of the project.
