Sol Systems secures financing to support 500 MW of clean energy projects

The independent power producer secured a $675 million revolving construction finance facility to help fund solar and storage projects planned in Illinois, Ohio and Texas.

Sol Systems, an independent power producer based in Washington, D.C., announced it has secured a $675 million revolving construction finance facility initially supporting 500 MW of planned solar and storage projects in Illinois, Ohio and Texas. The company said in a statement that these are “shovel-ready projects aligned with state-level and corporate decarbonization goals.” The first projects are expected to come online in 2026.

Richard Romero, chief financial officer for Sol Systems, stated that the facility “gives us the capital to reliably and quickly deliver clean energy projects across the country.”

The group of lenders includes Banco Bilbao Vizcaya Argentaria S.A., ING Capital LLC, Intesa Sanpaolo S.P.A., National Australia Bank Limited, NatWest and Natixis. KKR Capital Markets, acted as structuring and placement agent. Bracewell LLP acted as legal counsel, and Milbank LLP was council for the group of lenders.

Founded in 2008, Sol Systems currently has over 7 GW of projects across 38 states. One of its many projects is a  5.7 MW commercial installation that provides 85% of the electrical load of Toyota Bashoku America’s (TBA) Illinois manufacturing  plant. TBA chose Sol Systems to design and develop the project, which was then acquired by Onyx Renewables.