Solar energy powerhouse Sol Systems secures a massive $675 million investment to finance solar and energy storage initiatives throughout the United States.
Sol Systems, an independent power producer (IPP) focused on clean energy, has announced the securing of a significant finance facility to support the buildout of their solar and storage projects.
Founded in 2008, Sol Systems has made a name for itself by developing, owning, and managing clean energy infrastructure that benefits local communities. With over 7 gigawatts (GW) of projects across 38 states in the U.S., the company integrates solar energy with energy storage and grid resiliency solutions. Their diverse customer base includes Fortune 500 companies, municipalities, utilities, and schools, with a focus on long-term economic and environmental benefits through strategic partnerships and community reinvestment.
The new finance facility, amounting to $675 million, is a revolving construction finance facility aimed at funding the construction of 500 megawatts (MW) of solar and storage projects in Illinois, Ohio, and Texas. The facility is a three-year commitment, with the first batch of projects expected to come online by the end of 2026.
KKR Capital Markets led the syndicate of lenders arranging the facility. The syndicate also includes Banco Bilbao Vizcaya Argentaria, S.A., ING Capital LLC, Intesa Sanpaolo S.P.A., National Australia Bank Limited, NatWest, and Natixis.
According to Dan Diamond, Chief Development Officer at Sol Systems, this financing marks a significant step in scaling their operating portfolio and reflects strong investor confidence in the long-term value of clean energy assets. The sizable financing paves the way for the growth of Sol Systems' IPP platform.
The continued investment into renewables, driven by long-term energy supply and demand market dynamics, has been a key factor in the growth of companies like Sol Systems. Customers are increasingly leveraging utility-scale solar for cleaner, faster, cheaper generation supply, as noted by Dan Diamond.
This expansion aligns with Sol Systems' mission to accelerate clean energy development while supporting state-level and corporate decarbonization goals. The projects to be funded by the new facility will be located in Illinois, Ohio, and Texas, contributing to the states' renewable energy targets and promoting a sustainable future.
In 2021, KKR announced a significant minority investment in Sol Systems, further strengthening the company's position in the clean energy market. Richard Romero, the CFO of Sol Systems, will oversee the strategic allocation of the new funds to ensure the efficient and timely delivery of clean energy projects across the country.
With this new finance facility, Sol Systems is poised to continue its mission of providing clean, reliable, and sustainable energy solutions for communities across the United States.
- The finance facility, worth $675 million, is a significant step for Sol Systems, as it will support the construction of 500 megawatts (MW) of solar and storage projects in Illinois, Ohio, and Texas, demonstrating strong investor confidence in the renewable-energy industry.
- Sol Systems, an independent power producer (IPP) focused on clean energy, is utilizing the new finance facility to scale their operating portfolio and align with their mission to accelerate clean energy development, supporting state-level and corporate decarbonization goals.
- Investing in renewables has been a key factor in the growth of companies like Sol Systems, as customers, including Fortune 500 companies, municipalities, utilities, and schools, leverage utility-scale solar for cleaner, faster, cheaper generation supply, contributing to the states' renewable energy targets and promoting a sustainable future.
