Sol Systems Secures $675 Million to Build 500 MW of Solar and Storage Across Three U.S. States
• Three-year facility will fund clean energy projects in Illinois, Ohio, and Texas
• Supports Sol Systems’ expansion as a top-tier independent power producer
• Backed by major lenders including ING, Natixis, and KKR Capital Markets
Sol Systems Locks In $675M to Scale Clean Energy Projects
Sol Systems has secured a $675 million revolving construction finance facility to accelerate deployment of its clean energy pipeline across the U.S.
The funding will initially support 500 megawatts (MW) of solar and storage projects in Illinois, Ohio, and Texas, with first operations expected 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.”
Investor Confidence Signals Long-Term Bet on Clean Energy
The three-year facility enables construction loans, tax equity bridge loans, and letters of credit. It reflects strong market confidence in Sol’s shovel-ready pipeline of projects aligned with state-level and corporate decarbonization goals.
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“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.
Key Backers and Legal Advisors
The syndicated facility was arranged with support from KKR Capital Markets, acting as structuring and placement agent. ING Capital LLC, Intesa Sanpaolo, and Natixis served as Joint Green Loan Structuring Agents.
Bracewell LLP acted as legal counsel for Sol Systems, and Milbank LLP represented the lender group.
The syndicate includes major financial institutions: Banco Bilbao Vizcaya Argentaria (BBVA), ING Capital LLC, Intesa Sanpaolo S.P.A., National Australia Bank Limited, NatWest, and Natixis.
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