Sol Systems secures $85 million debt investment from Macquarie for solar projects
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Macquarie Asset Management and Sol Systems 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 segment of a broader collaboration between the two companies.
Macquarie Asset Management has extended a six-year term loan facility to Sol Systems, structured on a bilateral basis. This investment is subordinated to senior debt and tax equity, secured by Sol Systems’ ownership stake in solar projects.
James Machulak, Senior Vice President 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.”
Additionally, Sol System has recently announced partnerships with Microsoft, Google, FedEx, REI, and other large corporations to help them achieve their sustainability goals and reap the benefits associated with them.
Construction of these projects is scheduled to be completed by the end of 2025. Once operational, they will generate revenue through long-term, fixed-price power purchase agreements with a reputable software services provider.
Read more: Australia’s Macquarie launches $1.5 billion Indian EV financing platform
Harlan Cherniak, Head of Infrastructure Debt in the Americas for Macquarie Asset Management, said, “We are excited about the beginning of our partnership with Sol Systems.”
He further added, “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.”
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