Major Developments in Clean Energy: Project Announcements from AES, CleanChoice, DESRI, Earthrise, Origis, rPlus, and Soltage

Factor This finance and development roundup: AES, CleanChoice, DESRI, Earthrise, Origis, rPlus, Soltage
June 13, 2025
By Paul Gerke
10 min read

—

AES has successfully completed the first phase of the extensive Bellefield 1 solar and storage project in California.

Do you ever feel overwhelmed by the constant stimuli of modern life? It’s challenging for us to manage a social circle larger than a few dozen people, let alone process ongoing global tragedies. For instance, last night, I found myself trying to understand an incredible comeback by the Oilers in game four of the Stanley Cup Finals on one screen while doomscrolling through news about the Israel-Iran conflict on another. At the same time, I was browsing baby clothes ads (my wife is expecting our first child) while major clean energy companies filed for bankruptcy. The President of the United States is halting new wind generation due to aesthetic concerns, and our elected officials are considering cutting as much as 600 gigawatts (GW) of capacity and 300,000 direct manufacturing jobs. Meanwhile, one of the greatest musicians has passed away, and I’m just trying to keep my plants alive and stay hydrated.

### 1 Gigawatt Down, 1 Gigawatt to Go

Recently, there has been a surge of project development announcements in the clean tech sector, including updates on the largest solar-plus-storage project in the United States. The AES Corporation has completed the construction of the 1,000 megawatt (MW) Bellefield 1 project, which is under a 15-year contract with Amazon. This project is divided into two phases, each featuring 500 MW of solar and 500 MW of four-hour battery storage, totaling 1,000 MW of installed capacity. Once finished, the 2,000 MW Bellefield in Kern County, California, is expected to become the largest solar-plus-storage facility in the nation. To expedite Bellefield’s implementation and ensure system reliability, AES employed Maximo, an AI-enabled robotic system designed to assist construction crews, enhancing the safety, speed, and accuracy of solar module installation.

What they’re saying: “Completing the first 1,000 MW of Bellefield demonstrates how rapidly solar and storage can be deployed to meet the growing energy demand of data centers,” stated Andrés Gluski, AES President and CEO. “Our best-in-class track record of delivering renewables projects on time and on budget is deeply valued by our customers and is one of our key competitive advantages.” Construction on Bellefield 2 is expected to be completed in 2026. AES has contractual agreements with major global hyperscalers for 10.1 GW, including the 2 GW Bellefield project.

### ‘Farm-to-Table’ Energy Company Launches New York Solar Projects

CleanChoice, which positions itself as the first 100% green company in the U.S. to provide ‘farm-to-table’ renewable energy by owning solar generation assets and supplying only clean energy to consumers, has announced the acquisition of two solar projects in New York State. When completed, these projects will generate a combined 54.2 MW of clean electricity, effectively doubling CleanChoice’s generation capacity in the Mid-Atlantic region. The 133-acre Dolan project in Washington County and the 117-acre Hawthorn project in Rensselaer County will each have a capacity of 27.1 MW. Construction is set to begin this fall, with a planned interconnection date in Q4 2026 with National Grid. These solar farms were selected by the New York State Energy Research and Development Authority (NYSERDA) as part of its latest round of large-scale renewable energy contract awards, highlighting their significance in achieving New York’s goal of 70% clean electricity by 2030.

What they’re saying: “With electric grids struggling to keep up with ever-increasing demand, along with growing consumer demand for more sustainable energy options, investing in solar generation is a win-win solution for everyone,” stated Zoë Gamble, President of CleanChoice. “Bringing a solar project to completion is more than just putting clean energy on the grid. It’s important that we are good stewards of the land by incorporating practices that support the local ecosystem and benefit the surrounding community.” This announcement follows CleanChoice’s unveiling of its first solar project in Franklin County, Pennsylvania, six months ago, and the ongoing construction of a second solar project in Kylertown, PA.

### DESRI Advances Catclaw Project

This week, DESRI announced that the Catclaw Solar and Storage project in Buckeye, Arizona, has achieved financial notice to proceed and commenced construction. The Catclaw project, featuring a 205 MW solar facility with a 1,000 megawatt-hour (MWh) storage system, is expected to provide power to approximately 40,000 homes upon its operational launch in 2026. DESRI acquired the Catclaw project from Avantus and has secured a 20-year power purchase agreement (PPA) with Arizona Public Service (APS). RES will act as the engineering, procurement, and construction (EPC) contractor, while Tesla will supply the battery storage equipment. Invenergy Services will manage ongoing operations and maintenance once the facility is operational.

What they’re saying: “Given skyrocketing demand for new energy and capacity resources across the state, our team is happy to pair reliable and cost-effective resources with this need,” said Bob Schoenherr, Chief Strategy Officer of DESRI. “Catclaw will help power Arizona’s growing energy needs with clean, reliable electricity, especially during times of peak demand,” added Cliff Graham, CEO of Avantus. “This milestone is the result of strong collaboration with the City of Buckeye, local partners, DESRI, and APS, and builds on the groundwork Avantus has laid to accelerate clean energy in the region. Together, we’re creating local jobs and strengthening the grid with affordable, resilient energy for Arizona communities.” DESRI currently owns 131 MW of operating renewable energy assets and 160 MW of solar assets under construction in Arizona, boasting a total capacity of about 9 GW. Catclaw marks its first project with APS.

### Earthrise Energy Secures $630M for MISO Project

Independent power producer (IPP) Earthrise Energy has finalized a $630 million, first-of-its-kind tax equity and debt financing for its 270 MW Gibson City Solar project within Illinois’ MISO power market, expected to achieve commercial operations in 2026. The financing package includes a construction-to-term loan, a tax equity bridge loan, and a letter of credit facility. BBVA, Intesa Sanpaolo, and Nord/LB acted as Coordinating Lead Arrangers and Bookrunners for this financing, with a Fortune 500 telecommunications company providing the tax equity commitment. This transaction is notable for its shared point of interconnection between the solar project and Earthrise’s existing thermal power plant, utilizing surplus interconnection service. It is also among the first solar project financings to employ the Illinois Power Agency’s Indexed Renewable Energy Credit offtake contract.

What they’re saying: “We are proud to have structured the first solar project finance transactions utilizing surplus interconnection service in MISO. This structure presented attributes that required innovative structuring, and together with the coordinating lead arrangers and tax equity investor, we developed solutions which we believe will serve as a blueprint for similar projects going forward,” stated Kenton Harder, VP of Capital Markets at Earthrise Energy. Earthrise’s current project pipeline represents over 1.4 GW of new clean energy capacity expected to come online by the end of 2028, with future project financings likely to adopt a similar structure.

### Origis Energy Finances Major Projects

Origis Energy has completed financing for the Wheatland solar project with MUFG through a portfolio financing package that supports two projects. Wheatland Solar, located in Knox County, Indiana, will deliver 150 MW of solar capacity and is expected to be completed in the first half of 2026, supported by a PPA with CenterPoint Energy. The Optimist Solar + Storage project in Clay County, Mississippi, will provide 200 MW of solar power and 50 MW of four-hour battery energy storage, aiming for operational status by early 2026, also supported by a PPA with the Tennessee Valley Authority (TVA). The Optimist segment of the MUFG deal was closed in late 2024. Origis Energy acts as the developer, owner, and operator for both projects.

What they’re saying: “We continue to see unprecedented growth in demand for electricity and look forward to completing this project for CenterPoint and its customers,” commented Vikas Anand, Chief Executive Officer of Origis Energy.

### rPlus Energies Secures Over Half a Billion for Landmark Project

Luigi Resta is gearing up for a celebratory weekend! rPlus Energies has successfully closed a tax equity financing commitment exceeding $500 million with RBC Community Investments and a group of investors to support the Green River Energy Center (GREC), a significant solar-plus-storage project in Emery County, Utah. This financing will utilize the federal Investment Tax Credit (ITC).

The Green River Energy Center comprises 400 MW of solar PV and 400 MW/1,600 MWh of battery storage, with a long-term power purchase agreement in place with PacifiCorp. It ranks among the largest solar-plus-storage projects currently under construction in the United States and is anticipated to generate over $55 million in direct economic benefits for Emery County over the next 20 years, having already created hundreds of construction jobs. The project is expected to be completed in 2026.

What they’re saying: “Green River Energy Center is an investment in the long-term resilience of a region that has powered the American West for generations,” stated Luigi Resta, President and CEO of rPlus Energies. “This project honors Emery County’s legacy as an energy-producing region while helping to secure its future. By utilizing federal tools, such as the investment tax credit, we ensure that rural communities continue to lead our country’s energy production and dominance.” This milestone follows the successful close of over $1 billion in construction debt financing for the project announced last year.

### Soltage Closes Financing Facility

Lastly, Soltage has secured a $260 million construction and term debt financing facility. The funds will facilitate the near-term deployment of solar and storage projects from the company’s extensive development pipeline, exceeding 2 GW. The innovative financing structure includes a revolving construction loan, a tax equity bridge loan, and a term loan facility, providing Soltage with flexible capital to continue developing, building, and operating its expanding portfolio of clean energy infrastructure assets. The facility was structured and led by the National Bank of Canada, alongside First Citizens Bank, with BankUnited, Cadence Bank, and Siemens Financial Services participating as joint arrangers. Legal counsel was provided by Foley Hoag LLP on behalf of Soltage, while Norton Rose Fulbright LLP represented the lending syndicate.

What they’re saying: “This financing marks Soltage’s continued deployment of innovative financial structures that enable efficient capital investment in domestic energy infrastructure,” stated Jesse Grossman, CEO of Soltage. “With the support of National Bank of Canada, First Citizens Bank, and our valued financial partners, this facility will enable construction of the next 250 megawatts of distributed solar and storage projects across our national portfolio.”

—

This roundup highlights the ongoing developments in the clean energy sector, showcasing significant investments and projects that are shaping the future of renewable energy.