KKR-backed US renewable energy solutions firm Sol Systems has secured an $85m (€78m) debt investment from Macquarie Asset Management.
Sol Systems and Macquarie said the six-year term loan facility – the first tranche of a planned broader collaboration between the companies – will support the construction and operation of five utility-scale solar projects located in Illinois and Ohio.
The facility is subordinated to senior debt and tax equity and is secured against Sol Systems’s ownership interest in the underlying solar projects. The projects are expected to complete construction by the end of 2025.
Harlan Cherniak, head of infrastructure debt in the Americas for Macquarie Asset Management, said: “The investment aligns with our strategy of providing customised capital structure solutions to top-tier financial partners, strategic infrastructure sponsors and their portfolio companies, as well as our ongoing commitment to accelerate the decarbonisation of the US power and transmission grid.”
James Machulak, SVP of finance and operations at Sol Systems, said: “The financing will help Sol Systems continue working towards its goal of accelerating an equitable transition to a sustainable-energy future.”
Founded in 2008, Sol Systems is operating and building over 2GW of solar projects valued at over $2bn.
In July 2021, KKR made a “significant minority investment” in Sol Systems to help the US renewable energy solutions firm expand its impact-focused investment strategy.
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