Macquarie Asset Management partners with Sol Systems to support its initial portfolio of solar products in North America

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

Macquarie Asset Management provided the investment on a fully bilateral basis in the form of a six-year loan. The facility is subordinated to senior debt and tax equity and is hedged against Sol Systems’ interests in the underlying solar projects. The projects are expected to be completed by the end of 2025, and once operational, all projects will generate revenue through long-term, fixed-price power purchase agreements with a leading, highly creditworthy software services provider.

“We are excited to begin our partnership with Sol Systems,” said Harlan Cherniak, director of infrastructure debt for the Americas at Macquarie Asset Management. “The investment is consistent with our strategy of providing tailored capital structure solutions to leading financial partners, strategic infrastructure sponsors and their portfolio companies, and our ongoing commitment to accelerating the decarbonization of the U.S. power and transmission grid.”

“We are thrilled to partner with an infrastructure finance leader like Macquarie Asset Management to complete this incredibly creative transaction,” added James Machulak, senior vice president of finance and operations at Sol Systems. “The funding will help Sol Systems continue to work towards its goal of accelerating a just transition towards a sustainable energy future.”

More news and technical articles from the global renewable energy industry can be found in the latest issue of Energy Global magazine.

Energy Global Spring 2024 issue

The Spring 2024 issue of Energy Global begins with guest commentary from Field on how battery storage can serve as a viable solution to reduced energy consumption, before moving on to a regional report by Théodore Reed-Martin, editorial assistant at Energy Global, looking at the state of renewable energy sources in Europe. This issue also includes a number of technical articles on electrical infrastructure, turbine and blade monitoring, battery storage technology, coatings and more.

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/