WASHINGTON, D.C. — [July 15, 2026] — Sol Systems, a leading national clean energy developer and independent power producer (IPP), today announced the financial close of its 123MW-ac Peoria Solar Portfolio in Illinois. The portfolio will now advance into construction in 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 280,000MWh of electricity in its first year of operation - enough to power the equivalent of over 25,000 average US households annually. The projects span over 900 acres and will contribute to the state's growing clean energy economy, delivering long-term tax revenues, construction employment, and community investment.
The $355 million project utilizes Sol Systems’ revolving construction warehouse financing facility, announced in July 2025, to build Sol’s 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 transactions was facilitated by Raymond James Renewable Energy Investments, representing the third collaboration for solar project financing. Financial close on the Peoria Solar Portfolio reflects Sol’s ability to pair disciplined project development with efficient capital deployment as the company scales its long-term IPP platform.
"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."
The portfolio secured offtake through the Illinois Power Agency’s Indexed REC Procurement process, advancing projects that will deliver locally generated clean energy for Illinois electricity customers. In addition to supporting Illinois' clean energy goals, the portfolio is expected to create around 300 construction jobs, generate over $25 million of long-term property tax revenue, and contribute to local economic and community development across central Illinois.
Sol Systems selected SOLV Energy as the engineering, procurement, and construction (EPC) provider for the portfolio, building on a successful partnership first established with the Eldorado Solar Project in southern Illinois. Following the completion of this portfolio in 2027, Sol Systems and SOLV Energy will have partnered on over 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."
By advancing the Peoria Solar Portfolio into construction, Sol Systems continues to expand its owned clean energy infrastructure portfolio while supporting domestic energy production, grid reliability, and long-term investment in Illinois communities.
About Sol Systems
Sol Systems is an Independent Power Producer (IPP) committed to building, owning, and managing clean energy infrastructure that benefits local communities. With a multi-GW pipeline, Sol integrates energy storage and grid resiliency solutions to deliver reliable, sustainable power to Fortune 500 companies, municipalities, utilities, and schools. Through strategic partnerships and community reinvestment, Sol ensures clean energy development drives long-term economic and environmental benefits. Founded in 2008 and led by its founder, Sol Systems is dedicated to shaping an energy future we can all believe in.
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