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    Macquarie and Sol Systems reach $85 million debt investment agreement

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    In order to assist the development and operation of solar projects in Illinois and Ohio, Macquarie Asset Management and US developer Sol Systems have reached an agreement on a debt investment of $85 million. The investment was made entirely bilaterally by Macquarie Asset Management in the form of a six-year term loan arrangement.


    The loan is secured by Sol Systems’ ownership interest in the underlying solar plants and is subordinated to senior debt and tax equity. By the end of 2025, the development of the schemes is anticipated to be completed, and once operational, all of the projects will produce money under long-term, fixed-price power purchase agreements with a top software services provider that is highly creditworthy.


    The initial instalment of a larger anticipated partnership between the corporations is represented by the investment in the five utility-scale projects. Recently, Sol Systems established alliances with Microsoft, Google, FedEx, REI, and other major companies to support them in achieving their sustainability objectives and to improve the local communities.


    Harlan Cherniak, head of infrastructure debt in the Americas for Macquarie Asset Management, commented “We are excited about the beginning of our partnership with Sol Systems.”


    “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.”


    James Machulak, Senior vice president of finance and operations at Sol Systems, said “We are thrilled to partner with a leader in infrastructure finance such as Macquarie Asset Management and to have closed this highly creative transaction. The financing will help Sol Systems continue working towards its goal of accelerating an equitable transition to a sustainable energy future.”


    Sol Systems has constructed or funded solar projects totalling more than $2 billion since 2008.


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