Sol Systems has reached financial close on its 123MW-alternating current (MWac) Peoria Solar Portfolio in Illinois, US, a step which enables the portfolio to proceed to construction in Knox, Tazewell and Peoria counties.
The development covers more than 900 acres and is expected to provide approximately 280,000MW-hours (MWh) of electricity in its first year, equivalent to the annual consumption of more than 25,000 average US households.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The project, valued at $355m, will use Sol Systems’ revolving construction warehouse financing facility announced in July 2025.
Financing for the portfolio was arranged by a consortium comprising BBVA, ING Capital, Intesa Sanpaolo (IMI CIB Division), the National Australia Bank, Natixis CIB and NatWest.
Raymond James Renewable Energy Investments provided tax equity for the transaction, marking the third instance of collaboration between the two organisations for solar project financing.
Sol Systems chief financial officer Richard Romero said: “Financial close on the Peoria Solar Portfolio demonstrates the strength of Sol’s integrated development and financing platform.
“This milestone reflects our ability to move high-quality projects from development into construction with the capital structure, execution discipline and partner support needed to build a durable owned-and-operated portfolio.”
The Peoria Solar Portfolio obtained offtake through the Illinois Power Agency’s Indexed REC Procurement process.
Sol Systems indicated that beyond generating clean energy for the state’s electricity grid, the development is also forecast to create around 300 construction jobs and more than $25m in long-term property tax revenue.
The company stated that the project aims to support local economic activity and community investment across central Illinois.
SOLV Energy has been appointed as the engineering, procurement and construction (EPC) provider for the portfolio.
This appointment follows an earlier partnership between SOLV Energy and Sol Systems on the Eldorado Solar Project in southern Illinois.
Upon completion, expected in 2027, Sol Systems and SOLV Energy will have collaborated on more than 550MWac of solar projects across the US.
Sol Systems stated that advancing the Peoria Solar Portfolio into construction expands its ownership of clean energy infrastructure while contributing to energy supply, grid reliability and sustained investment in Illinois communities.
