Key Takeaways
- Sol Systems has reached financial close on its 123MW-ac Peoria Solar Portfolio, which will advance into construction across Knox, Tazewell and Peoria Counties, Illinois.
- The $355 million portfolio is expected to generate approximately 280,000 MWh of electricity in its first year, enough to power more than 25,000 average U.S. households annually.
- The projects span over 900 acres and are expected to create around 300 construction jobs and generate more than $25 million in long-term property tax revenue.
- A lending group including BBVA, ING Capital, Intesa Sanpaolo, National Australia Bank, Natixis CIB and NatWest structured the financing, with tax equity facilitated by Raymond James Renewable Energy Investments.
- SOLV Energy will serve as EPC provider, extending its partnership with Sol Systems to more than 550 MW-ac of solar projects across the U.S. once the portfolio is completed in 2027.
Sol Systems Closes Financing on Peoria Solar Portfolio
Sol Systems, a national clean energy developer and independent power producer, has announced the financial close of its 123MW-ac Peoria Solar Portfolio in Illinois. The portfolio will now advance into construction across Knox, Tazewell and Peoria Counties, marking another step in Sol Systems' growth as an owner and operator of utility-scale clean energy infrastructure. The Peoria Solar Portfolio is expected to generate approximately 280,000 MWh of electricity in its first year of operation, enough to power the equivalent of more than 25,000 average U.S. households annually. The projects span over 900 acres and are expected to contribute to Illinois' growing clean energy economy through long-term tax revenues, construction employment and community investment.
Financing Structure and Lending Partners
The $355 million project draws on Sol Systems' revolving construction warehouse financing facility, announced in July 2025, to build out its growing pipeline of solar and storage projects. The lead structuring and arranging lending group consisted of BBVA, ING Capital LLC, Intesa Sanpaolo (IMI CIB Division), National Australia Bank, Natixis CIB and NatWest. Tax equity for the transaction was facilitated by Raymond James Renewable Energy Investments, marking its third collaboration with Sol Systems on solar project financing.
“Financial close on the Peoria Solar Portfolio demonstrates the strength of Sol's integrated development and financing platform,” said Richard Romero, Chief Financial Officer at Sol Systems. “This milestone reflects our ability to move high-quality projects from development into construction with the capital structure, execution discipline, and partner support needed to build a durable owned-and-operated portfolio.”
Peoria Solar Portfolio's Economic and Community Impact
The portfolio secured offtake through the Illinois Power Agency's Indexed REC Procurement process, advancing projects that will deliver locally generated clean energy to Illinois electricity customers. In addition to supporting the state's clean energy goals, the portfolio is expected to create around 300 construction jobs, generate more than $25 million in long-term property tax revenue, and contribute to local economic and community development across central Illinois.
Sol Systems Expands Partnership With SOLV Energy
Sol Systems selected SOLV Energy as the engineering, procurement and construction provider for the portfolio, building on a partnership first established on the Eldorado Solar Project in southern Illinois. Following completion of the Peoria Solar Portfolio in 2027, Sol Systems and SOLV Energy will have partnered on more than 550 MW-ac of solar projects across the United States.
“We're proud to continue our partnership with Sol Systems as the Peoria Solar Portfolio moves into construction,” said George Hershman, CEO of SOLV Energy. “Our teams share a commitment to delivering high-quality clean energy infrastructure safely and reliably, while creating lasting value for the communities where these projects are built. We look forward to bringing our utility-scale EPC experience to another important Sol Systems portfolio in Illinois.”
