Solar company Sol Systems obtains $675 million in funding to support solar and energy storage initiatives throughout the United States.
Sol Systems, a leading U.S. clean energy developer and producer, has announced the securing of a significant $675 million revolving construction finance facility. This financing will pave the way for the growth of Sol Systems' Independent Power Producer (IPP) platform, as the company aims to support the buildout of a portfolio of solar and storage projects.
The finance facility, led by KKR Capital Markets, includes a syndicate of lenders such as Banco Bilbao Vizcaya Argentaria S.A. (BBVA), ING Capital LLC, Intesa Sanpaolo S.P.A., National Australia Bank Limited, NatWest (National Westminster Bank PLC), and Natixis.
Initially, the finance facility will back 500 MW of solar and storage projects across Illinois, Ohio, and Texas. The projects, expected to come online by the end of 2026, will be funded through construction loans, tax equity bridge loans, and letters of credit provided by the facility.
However, the exact number of projects that will be funded by the finance facility has not been specified. Dan Diamond, Chief Development Officer at Sol Systems, expressed his enthusiasm, stating that the sizable financing will provide the necessary capital to reliably and quickly deliver clean energy projects across the country.
The announcement was made by Richard Romero, CFO of Sol Systems. He highlighted that this financing is a major step forward in scaling Sol Systems' operating portfolio. Sol Systems, founded in 2008, currently develops, owns, and operates clean energy projects across the U.S., with projects spanning 7 GW across 38 states.
Sol Systems expressed its gratitude to its partners and lenders for their vision, trust, and alignment to accelerate the shared mission of clean energy. The company looks forward to delivering these projects, contributing to a cleaner and more sustainable future.
In 2021, KKR announced a significant minority investment in Sol Systems. The new finance facility gives Sol Systems the means to continue its mission of developing, owning, and operating clean energy projects, further cementing its position as a key player in the U.S. clean energy sector.
The new finance facility, led by KKR Capital Markets, is designed to support the renewable-energy industry, specifically Sol Systems' clean energy projects. This significant $675 million revolving construction finance facility will fund the buildout of a portfolio of solar and storage projects, initially focusing on 500 MW of projects across Illinois, Ohio, and Texas.
Dan Diamond, Chief Development Officer at Sol Systems, remarked that the sizable financing will provide the necessary capital to deliver clean energy projects swiftly and reliably, contributing to a cleaner and more sustainable future. This move further positions Sol Systems as a prominent figure in the renewable-energy business.
