U.S.-based clean energy developer Sol Systems has announced the successful acquisition of a $675 million revolving construction finance facility. This funding is intended to bolster the development of its solar and storage project portfolio. Established in 2008, Sol Systems develops, owns, and operates clean energy projects across the United States, with a presence in 38 states and projects totalling 7 GW.
The newly secured facility will initially finance 500 MW of solar and storage projects located in Illinois, Ohio, and Texas. This will be achieved through construction loans, tax equity bridge loans, and letters of credit. The projects are projected to be operational by the end of 2026.
Richard Romero, Chief Financial Officer of Sol Systems, stated, “This facility is a major step forward in scaling Sol’s operating portfolio. It gives us the capital to reliably and quickly deliver clean energy projects across the country. We’re grateful to our partners and lenders for their vision, trust, and alignment to accelerate this shared mission.”
The syndicate of lenders arranging the facility was led by KKR Capital Markets and included Banco Bilbao Vizcaya Argentaria, S.A., ING Capital LLC, Intesa Sanpaolo S.P.A., National Australia Bank Limited, NatWest, and Natixis. Notably, KKR made a significant minority investment in Sol Systems in 2021.
Dan Diamond, Chief Development Officer at Sol Systems, commented, “We’ve seen long term energy supply and demand market dynamics drive continued investment into renewables. Customers continue to leverage utility scale solar for cleaner, faster, cheaper generation supply. This sizable financing paves the way for the growth of our IPP platform.”
