Sol Systems, an independent power producer (IPP), has secured a $675m revolving construction finance facility to support the construction of its solar and wind project portfolio.
This funding will support construction loans, tax equity bridge loans and letters of credit for an initial 500MW of projects in Illinois, Ohio and Texas, with the first operational by the end of 2026.
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A syndicate of Banco Bilbao Vizcaya Argentaria Capital, Intesa Sanpaolo, National Australia Bank, NatWest and Natixis provided the financing.
It supports a strong portfolio of shovel-ready projects that align with state-level and corporate decarbonisation objectives.
Sol Systems chief financial officer Richard Romero stated: “This facility is a major step forward in scaling Sol’s operating portfolio. It gives us the capital to reliably and quickly deliver clean energy projects across the country.
“We’re grateful to our partners and lenders for their vision, trust and alignment to accelerate this shared mission.”
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By GlobalDataSol Systems is now well-positioned to enhance its operating portfolio, allowing for a scaleable approach to deploying projects and meeting the growing demands from corporate entities, utilities and community stakeholders.
Sol Systems chief development officer Dan Diamond stated: “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 sizeable financing paves the way for the growth of our IPP platform.”
KKR Capital Markets served as the structuring and placement agent to Sol Systems for the deal.
Legal expertise was provided by Bracewell, with Milbank representing the lending consortium’s interests.
ING Capital served as documentation agent on the transaction, alongside Intesa Sanpaolo and Natixis as joint green loan structuring agents.
In January 2025, Sol Systems commenced the development of the $345m, 182MW Tilden solar energy project in Illinois, US.
The project has earned financial support through partnerships with key financial and construction entities ING, Churchill Stateside Group and Qcells.
