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Sol Systems and Macquarie Asset Management have announced an $85 million debt investment to support the construction and operation of five utility-scale solar projects in Illinois and Ohio. This investment marks the first tranche of a broader collaboration between the two companies.
Sol Systems, a leading national renewable energy firm, has established partnerships with major corporations such as Microsoft, Google, FedEx, and REI to help achieve sustainability goals and benefit local communities. Founded in 2008 and backed by KKR, Sol Systems focuses on deploying sustainable infrastructure paired with impact.
Macquarie Asset Management provided the investment through a fully bilateral six-year term loan facility. This facility is subordinated to senior debt and tax equity and secured against Sol Systems’ ownership interest in the solar projects. Expected to complete construction by the end of 2025, the projects will generate revenues under long-term, fixed-price power purchase agreements with a leading software services provider.
Harlan Cherniak, Head of Infrastructure Debt in the Americas for Macquarie Asset Management, expressed enthusiasm about the partnership. “The investment aligns with our strategy of providing customized capital structure solutions to top-tier financial partners, strategic infrastructure sponsors, and their portfolio companies, as well as our ongoing commitment to accelerate the decarbonization of the US power and transmission grid,” said Cherniak.
James Machulak, Senior Vice President of Finance and Operations at Sol Systems, highlighted the significance of the collaboration. “We are thrilled to partner with a leader in infrastructure finance such as Macquarie Asset Management and to have closed this highly creative transaction. The financing will help Sol Systems continue working towards its goal of accelerating an equitable transition to a sustainable energy future,” Machulak stated.
Since 2012, the Macquarie Asset Management Private Credit team has raised over $23 billion in client commitments and made over 165 infrastructure debt investments globally. These investments span various subsectors, including renewable energy, power and utilities, digital infrastructure, and transportation.
Sol Systems has financed or developed over $2 billion in solar projects since its founding in 2008. The firm is currently operating and building over 2 GW of projects and serves more than 40,000 customers through its environmental commodities and infrastructure solutions businesses. |
