Washington, D.C., March 11, 2024 (GLOBE NEWSWIRE) -- Sol Systems, a national renewable energy company, today announced the successful completion of financing for its landmark Eldorado Project in Saline County, IL. This pivotal project, utilizing US-made solar panels and racking, is poised to advance sustainable energy and contribute to the development of clean energy infrastructure in Southern Illinois.
The Eldorado project highlights Sol Systems' Infrastructure + Impact philosophy at scale. The project will donate a portion of the project's revenues to local community organizations throughout Southern Illinois, underlining Sol Systems' dedication to building a more connected and sustainable future.
The project involves over 19 local landowners, providing them with rental income for more than 40 years. The broader local community will benefit from significant property tax revenues estimated at up to $26 million over the next 40 years. These funds will bolster local schools, roads, hospitals, libraries, parks, road districts, townships, and river conservation efforts. This new property tax base will also help offset income lost due to the closure of local mining operations at the Willow Lake Mine and Wildcat Hills Complex.
The project will also feature a pollinator habitat and habitat restoration efforts to better unify the project development with the surrounding ecosystem. These initiatives will include planting a mix of grasses and wildflowers, particularly focusing on wildflower-rich areas around the solar array perimeters to support biodiversity and ecosystem health.
"The Eldorado Project showcases our focus on building renewable infrastructure that delivers a positive impact to local communities and ecosystems,” noted Yuri Horwitz, CEO of Sol Systems. “We are dedicated to delivering not only sustainable energy but also substantial economic and social benefits to the Saline County community."
This financing milestone signifies a major achievement in renewable energy development, underscored by Sol Systems' in-house expertise in structuring and executing complex financial arrangements. In collaboration with financing partners, Monarch Private Capital, Silicon Valley Bank, a division of First Citizens Bank, the National Bank of Canada, ING Bank, National Australia Bank, and Comerica Bank, the project raised $250 million, demonstrating a strong commitment to sustainable energy and economic revitalization.
Bret Turner, Head of Project Finance, Business Development and Innovation at Silicon Valley Bank, commented, "We are proud to support the Eldorado Project alongside Sol Systems and our esteemed partners. This initiative aligns with our ongoing commitment to provide financing solutions that address climate change and promote a more sustainable and resilient energy future. By contributing to this landmark project, we are investing in the advancement of clean energy, economic development in Southern Illinois, and the well-being of local communities.”
"We are thrilled to be part of the Eldorado Project, a testament to the innovative spirit and commitment to sustainability that defines the future of energy,” said Bryan Didier, Partner and Managing Director of Renewable Energy at Monarch Private Capital. “Our participation in this project exemplifies Monarch’s dedication to supporting initiatives that not only provide renewable energy solutions but also drive economic growth and community development. We believe that the project will serve as a model for future renewable energy projects, showcasing the potential to combine financial returns with positive environmental and social impacts."
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About Sol Systems
Sol Systems is a leading national renewable energy firm with an established reputation for integrity and reliability across its development, infrastructure, and environmental commodity businesses. Sol is operating and building over 2 GW of solar projects valued at over $2 billion for Fortune 500 companies, municipalities, counties, utilities, universities, and schools and provides environmental commodity portfolio management services to more than 40,000 customers across the US. The company was founded in 2008, is based in Washington, D.C., and is led by its founder. Sol Systems works with institutional clients, corporate partners, and foundations to create a more sustainable future we can all believe in. For more information, visit https://www.solsystems.com/.
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