U.S. clean energy developer and producer Sol Systems announced that its has secured a $675 million revolving construction finance facility, aimed at supporting the buildout of a portfolio of solar and storage projects.
Founded in 2008, Sol Systems develops, owns and operates clean energy projects across the U.S., with projects spanning 7 GW across 38 states.
The company said that the new facility will initially back 500 MW of solar and storage projects across Illinois, Ohio, and Texas, by funding construction loans, tax equity bridge loans, and letters of credit. The projects are expected to come online by the end of 2026.
Richard Romero, CFO of Sol Systems, said:
“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.”
KKR Capital Markets led the syndicate of lenders arranging the facility, which also included Banco Bilbao Vizcaya Argentaria, S.A., ING Capital LLC, Intesa Sanpaolo S.P.A., National Australia Bank Limited, NatWest, and Natixis. KKR announced a significant minority investment in Sol Systems in 2021.
Dan Diamond, Chief Development Officer at Sol Systems, said:
“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.”
