Macquarie Asset Management partners with Sol Systems to support initial portfolio of North American solar

Sol Systems is a leading national renewable energy firm focused on deploying sustainable infrastructure paired with impact. The firm has recently announced partnerships with Microsoft, Google, FedEx, REI, and other large corporations to help them achieve their sustainability goals and benefit surrounding communities. The firm was established in 2008 and is backed by KKR.

Macquarie Asset Management 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 solar projects. The projects are expected to complete construction by year-end 2025 and once operational, all of the projects will generate revenues under long-term, fixed-price power purchase agreements with a highly creditworthy, leading software services provider.

“We are excited about the beginning of our partnership with Sol Systems,” said Harlan Cherniak, Head of Infrastructure Debt in the Americas for Macquarie Asset Management. “The investment aligns with our strategy of providing customised capital structure solutions to top-tier financial partners, strategic infrastructure sponsors, and their portfolio companies, as well as our ongoing commitment to accelerate the decarbonisation of the US power and transmission grid.”

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

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Read the article online at: https://www.energyglobal.com/solar/04062024/macquarie-asset-management-partners-with-sol-systems-to-support-initial-portfolio-of-north-american-solar/