Sol Systems has secured a USD 675m revolving construction finance facility to support the buildout of its upcoming portfolio of solar and storage projects, according to a press release.

The warehouse facility provides flexibility to the borrower to use the proceeds to fund construction of projects, as bridge capital until tax equity commitments are available, and letters of credit to support development.

NPM first reported in February 2025 that Sol Systems was working on a credit facility with lenders led by ING Capital to support a pipeline of projects.

The funding supports an initial 500 MW of projects planned in Illinois, Ohio, and Texas. The first group of projects is expected to come online by the end of 2026. The portfolio supported by this financing is comprised of a robust pipeline of shovel-ready projects aligned with state-level and corporate decarbonization goals.

NPM Interconnection Queue data is tracking three pre-operational projects which Sol Systems has under development in Illinois and Texas, and at an advanced phase. Separately, NPM SIGNALS identified an interconnection agreement that Sol Systems executed on its 144 MW Blossom Solar project Morrow County, Ohio in late 2024 which also was included in PJM’s Fast Lane process.

INGserved as documentation agent and joint green loan structuring agent.

Intesa Sanpaoloand Natixiswere joint green loan structuring agents as well. The lender group was comprised by BBVA, ING, Intesa Sanpaolo, National Australia Bank, NatWest, and Natixis.

The facility was arranged with support from KKR Capital Markets, acting as structuring and placement agent to Sol Systems.

Bracewellacted as legal counsel for Sol, while Milbankadvised the lender group.