Because change starts with knowledge. Discover the stories, innovations, and insights leading the way to a better planet.
Posted: July 22, 2025
Sol Systems has secured $675 million in construction financing to support its growing solar and storage portfolio across the U.S. The funding will initially back 500 MW of projects in Illinois, Ohio, and Texas, with completion targeted for 2026—marking a major step in expanding access to sustainable energy at scale.
Sol Systems, a U.S.-based clean energy developer and operator, has secured a $675 million revolving construction finance facility to power its expanding portfolio of solar and storage projects across the country. Founded in 2008, the company has built a footprint of 7 GW spanning 38 states. This new funding will initially support 500 MW of solar and storage developments in Illinois, Ohio, and Texas. The capital will be used for construction loans, tax equity bridge loans, and letters of credit, with all projects expected to be online by the end of 2026.
CFO Richard Romero called the financing a pivotal moment for Sol Systems, noting that the funding gives the company the resources to scale up operations efficiently and bring more clean energy to communities across the country. Romero expressed appreciation for the strong support from lending partners, led by KKR Capital Markets, who organized a syndicate including banks such as BBVA, ING, Intesa Sanpaolo, National Australia Bank, NatWest, and Natixis. KKR, which made a significant minority investment in Sol Systems in 2021, played a key role in securing the deal.
Chief Development Officer Dan Diamond emphasized that customer demand for utility scale solar projects continues to drive robust investment across the renewable sector. He added that the new financing will allow Sol Systems to accelerate the growth of its independent power producer (IPP) platform. With long-term market dynamics favoring clean energy, the company is positioned to deliver reliable, affordable, and sustainable power solutions at scale.
