Macquarie Asset Management has finalized an $85 million debt investment deal with Sol Systems, a US developer, to bolster the construction and operation of solar projects in Illinois and Ohio.
The investment, structured as a six-year term loan facility, is provided on a fully bilateral basis by Macquarie Asset Management. It's subordinated to senior debt and tax equity and secured against Sol Systems' ownership stake in the solar projects.
These projects, comprising five utility-scale installations, are slated for completion by the close of 2025. Once operational, they will generate revenues through long-term, fixed-price power purchase agreements with a reputable software services provider.
Harlan Cherniak, head of infrastructure debt in the Americas for Macquarie Asset Management, expressed enthusiasm about the collaboration with Sol Systems, stating, “The investment aligns with our strategy of providing customized capital structure solutions to top-tier financial partners… as well as our ongoing commitment to accelerate the decarbonization of the US power and transmission grid.”
James Machulak, senior vice president of finance and operations at Sol Systems, echoed the sentiment, emphasizing the significance of the partnership with Macquarie Asset Management in advancing their shared goal of transitioning to a sustainable energy future. He remarked, “The financing will help Sol Systems continue working towards its goal of accelerating an equitable transition to a sustainable energy future.”
Sol Systems, which has been involved in solar project financing and development since 2008, boasts a portfolio collectively valued at over $2 billion. Their recent partnerships with major corporations like Microsoft, Google, FedEx, and REI reflect their commitment to sustainability and community impact.
