Sol Systems Secures $675 Million in Revolving Construction Financing to Power its Clean Energy Pipeline

Sol Systems, an independent power producer (IPP) committed to building, owning, and managing domestic clean energy infrastructure that benefits local communities, announced it has secured a $675 million revolving construction finance facility to support the buildout of its upcoming portfolio of solar and storage projects. This financing will fund construction loans, tax equity bridge loans, and letters of credit-supporting an initial 500 megawatts (MW) of projects planned in Illinois, Ohio, and Texas. The first group of projects is expected to come online by the end of 2026.

"This facility is a major step forward in scaling Sol's operating portfolio," said Richard Romero, CFO of Sol Systems. "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."

Sol's ability to secure a facility of this scale highlights its investors' continued commitment to the long-term value of clean energy assets. The portfolio supported by this financing is comprised of a robust pipeline of shovel-ready projects aligned with state-level and corporate decarbonization goals.

"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," said Dan Diamond, Chief Development Officer at Sol Systems. 

With this construction financing in place, Sol is positioned to efficiently expand its operating portfolio, allowing for a scalable cadence of project deployment. The facility further solidifies Sol's standing as a top-tier IPP with the financial and operational capabilities to meet increasing demand from corporate, utility, and community partners.

The facility was arranged with support from KKR Capital Markets, acting as structuring and placement agent to Sol. Bracewell LLP acted as legal counsel for Sol, and Milbank LLP was counsel for the lender group. The syndicate of lenders includes a group of leading financial institutions, Banco Bilbao Vizcaya Argentaria, S.A., ING Capital LLC, Intesa Sanpaolo S.P.A., National Australia Bank Limited, NatWest, and Natixis, reflecting strong institutional support for Sol's innovative project portfolio and long-term market outlook. In addition, ING Capital LLC acted as Documentation Agent, and ING Capital LLC, Intesa Sanpaolo S.P.A. and Natixis were Joint Green Loan Structuring Agents.

Sol Systems | www.solsystems.com