Sol Systems, a leading independent power producer (IPP), has secured a $675 million revolving construction finance facility to build out its growing portfolio of solar and storage projects. This milestone move comes as the company ramps up clean energy deployment across the United States, especially in Illinois, Ohio, and Texas.
The funding will support multiple financial needs, including construction loans, tax equity bridge loans, and letters of credit. These resources will back an initial 500 megawatts (MW) of clean energy projects, with the first batch expected to go live by late 2026.
Sol Systems Gears Up for Rapid Solar Rollout
Sol Systems’ ability to land such a large financial package reflects strong investor confidence in its long-term clean energy strategy. The new pipeline includes shovel-ready projects aligned with local and corporate decarbonization goals—helping cities, utilities, and companies meet their climate targets.
With this revolving finance facility in place, Sol Systems is well-positioned to scale up its operations and roll out projects faster. This adds significant momentum to Sol’s mission of delivering clean, reliable energy while creating economic and environmental benefits for communities.
Dan Diamond, Chief Development Officer at Sol Systems, noted,
“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 sizable financing paves the way for the growth of our IPP platform.”
Backed by Industry Heavyweights
The financing deal was structured by KKR Capital Markets, which served as the placement agent. Sol Systems was represented by Bracewell LLP, while Milbank LLP advised the lender group. The group includes top global banks such as:
- Banco Bilbao Vizcaya Argentaria (BBVA)
- ING Capital LLC
- Intesa Sanpaolo S.P.A.
- National Australia Bank Limited
- NatWest
- Natixis
This syndicate not only highlights the institutional confidence in Sol’s portfolio but also signals robust green financing support for clean energy growth in the U.S.
Additionally, ING Capital LLC took on key responsibilities as Documentation Agent, while ING, Intesa Sanpaolo, and Natixis acted as Joint Green Loan Structuring Agents.
What Sol Systems Brings to the Table
Sol Systems has grown into one of America’s most respected IPPs. The company develops, owns, and manages clean energy infrastructure across 38 states, with a development pipeline of over 7 gigawatts (GW).
What sets Sol apart is its community-centered approach. Beyond installing solar panels, it invests in lasting local benefits. Partnering with schools, utilities, Fortune 500 companies, and municipalities, Sol delivers tailored solar-plus-storage solutions that enhance grid reliability and advance energy justice.
Spotlight: The $345 Million Tilden Solar Project in Illinois
A prime example of Sol’s impact-driven approach is the Tilden Solar Project in Randolph County, Illinois. Announced in January 2025, this 182-MW solar farm is currently under construction on a 1,050-acre site that was once part of a historic underground mine.
Here’s a picture of the project:
Once complete, Tilden will produce enough clean energy to power approximately 33,800 homes annually. The $345 million project stands as a symbol of energy transformation—turning a once carbon-intensive mining site into a hub for renewable power and local economic renewal.
The financial close was made possible by a strong group of partners, including: ING, Churchill Stateside Group, Qcells, Nextracker, McCarthy Building Companies
The Tilden project is vital because it solves a long-standing land-use challenge in Illinois. The state is home to 840,000 acres of underground mines, which limit traditional infrastructure development due to unstable surface conditions.
Sol Systems’ Solar Renewable Energy Certificate (SREC) Expertise
Sol Systems is also known as one of the oldest and most trusted SREC (Solar Renewable Energy Certificate) aggregators in the country. Through its SREC monetization programs, the company helps homeowners and solar asset owners turn green energy generation into financial gains.
According to the EPA, RECs (Renewable Energy Certificates) play a vital role in tracking and assigning the benefits of clean electricity. A single REC represents 1 megawatt-hour (MWh) of power from renewable sources. These credits allow companies to make credible Scope 2 emissions reductions by claiming the renewable attributes of the electricity they purchase.
Can Solar Companies Keep Up with Trump’s OBBB Deadline?
The U.S. government recently passed the “One Big, Beautiful Bill” (OBBB), marking a major shift in federal clean energy support. Backed by Senate Republicans and aligned with President Trump’s energy agenda, the bill imposes tighter deadlines and reduces incentives for solar and wind developers.
For years, the solar industry relied on stable tax credits to fuel growth and attract investment. Under the new rules, developers must begin construction by July 4, 2026, and finish within four years to qualify for the Investment Tax Credit (ITC) and Production Tax Credit (PTC). Projects starting later must be fully operational by December 31, 2027, to receive any federal tax benefits.
This compressed timeline adds pressure. A key change is the early expiration of the 30% residential solar tax credit, now ending in December 2025. The shift may curb consumer interest and slow rooftop solar adoption
However, amid tightening federal incentives and industry slowdowns, some companies are showing strong resilience. Like Sol Systems, SolarBank Corporation (NASDAQ: SUUN) is one such example. The company is proactively navigating the changing regulations and has secured $100 million in project funding from CIM Group.
The funding will help SolarBank fast-track its 97 MW U.S. portfolio, meet federal deadlines, and secure incentives ahead of delayed competitors.
Yet Solar’s Long-Term Outlook Shines
According to the Q2 2025 U.S. Solar Market Insight report by Wood Mackenzie, the U.S. added 10.8 gigawatts-direct current (GWdc) of new solar capacity in the first quarter. Although this seems like strong growth, it represents a 7% decline from the same period in 2024 and a steep 43% drop from Q4 2024.
Most significantly, the community solar sector experienced a 22% decline in installations during the first quarter of 2025.
Several challenges, including rising equipment costs, trade tensions, and policy uncertainty, have made it harder for developers to launch new projects and for customers to invest in solar energy. Despite challenges, there is still optimism.
The same report projects that the U.S. will add around 43 GWdc of new solar capacity each year through 2030, driven by strong demand from utilities, corporations, and state programs. In this landscape, Sol Systems plays a pivotal role in advancing clean energy, bringing more solar sunshine and sustainable power to communities nationwide.
