Sol Systems Secures $675 Million to Advance Solar and Storage Projects

Sol Systems, an independent power producer focused on clean energy infrastructure in the U.S., has secured a $675 million revolving construction finance facility. The funds will support the development of its upcoming solar and storage projects across Illinois, Ohio, and Texas.

Financing to Support 500 MW of Projects

The financing will be used for construction loans, tax equity bridge loans, and letters of credit. It will initially support around 500 megawatts (MW) of clean energy capacity. The first wave of projects is expected to be operational by the end of 2026.

According to Sol Systems CFO Richard Romero, the facility enables faster and more reliable project execution across the company’s national portfolio.

Investor Confidence in Utility-Scale Solar

The funding reflects investor confidence in the long-term value of clean energy assets and the continued demand for renewable energy solutions. The supported projects align with state-level energy goals and corporate decarbonization plans.

Dan Diamond, Chief Development Officer at Sol Systems, noted that large-scale financing is crucial as customers increasingly adopt utility-scale solar to meet their energy needs in a cost-effective and sustainable way.

Financial Partners and Advisors

The construction facility was structured with support from KKR Capital Markets, which acted as the placement agent. Legal support was provided by Bracewell LLP for Sol Systems and Milbank LLP for the lender group.

Lenders in the syndicate include:

• Banco Bilbao Vizcaya Argentaria, S.A.

• ING Capital LLC

• Intesa Sanpaolo S.P.A.

• National Australia Bank Limited

• NatWest

• Natixis

ING Capital LLC also acted as Documentation Agent and, along with Intesa Sanpaolo and Natixis, served as Joint Green Loan Structuring Agents.

This financing positions Sol Systems to scale its project deployments and strengthen its presence in the clean energy sector.

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