Solar energy powerhouse Sol Systems gets a $675 million boost for implementing solar and storage projects across the United States.
Sol Systems, a leading clean energy developer and producer founded in 2008, has secured a significant boost in its mission to accelerate the transition to renewable energy. The company has announced a new $675 million revolving construction finance facility, which will support the growth of its Independent Power Producer (IPP) platform and enable the reliable and quick delivery of clean energy projects across the United States.
This facility, which covers construction loans, tax equity bridge loans, and letters of credit, will initially support 500 MW of solar and storage projects, with the first batch of these projects expected to become operational by late 2026. The projects will be located in key regions such as Illinois, Ohio, and Texas, aligning with local and corporate decarbonization goals.
The syndicate of lenders involved in providing the finance facility includes several prominent financial institutions, although their specific identities have not been disclosed in the available search results. KKR Capital Markets led the syndicate, demonstrating a strong commitment to renewable energy investment.
One example of a project under this financing is a 182-MW solar farm currently under construction on a 1,050-acre site in a former underground mine. This expansion marks a significant step forward in scaling Sol Systems' operating portfolio.
The sizable financing paves the way for continued investment into renewables by Sol Systems. The company's projects span 7 GW across 38 states, and customers are leveraging utility-scale solar for cleaner, faster, cheaper generation supply. Sol Systems expresses gratitude towards its partners and lenders for their vision, trust, and alignment to accelerate the shared mission.
Dan Diamond, Chief Development Officer at Sol Systems, commented on the importance of utility-scale solar for cleaner, faster, and cheaper generation supply. Richard Romero, CFO of Sol Systems, added that the company is excited to continue delivering clean energy projects with this new financing facility.
- The $675 million revolving construction finance facility secured by Sol Systems is expected to enhance the renewable energy industry by funding the growth of its Independent Power Producer (IPP) platform, thereby aiding in the reliable and quick delivery of clean energy projects across the United States.
- The syndicate of leading financial institutions, including KKR Capital Markets, have demonstrated a strong commitment to renewable energy investment by providing Sol Systems with a substantial finance facility, which will support the development of 7 GW of solar projects across 38 states, ultimately enabling a greener, faster, and cheaper generation supply.
