Macquarie Asset Management and Sol Systems have jointly invested $85 million in support of the construction and operation of five utility-scale solar projects in Illinois and Ohio.
Macquarie provided the investment on a fully bilateral basis in the form of a six-year term loan facility. The facility is subordinated to senior debt and tax equity and is secured against Sol Systems’ ownership interest in the underlying projects.
The projects are expected to complete construction by next year. A software services provider has signed a long-term PPA for the project’s total power.
“We are excited about the beginning of our partnership with Sol Systems,” says Macquarie’s Harlan Cherniakt.
“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 U.S. power and transmission grid.”
