Sol Systems bags US$250 million for 189MW Illinois PV project

March 12, 2024
Facebook
Twitter
LinkedIn
Reddit
Email
The Eldorado project is developed in partnership with energy Tenaska and expected to come online at some point in 2024. Image: Sol Systems

US solar company Sol Systems has secured US$250 million towards the construction of its 189MW Eldorado solar PV project in the state of Illinois.

Financing for the project was issued by financing partners Monarch Private Capital, the National Bank of Canada, ING Bank, National Australia Bank, Comerica Bank and Silicon Valley Bank. First Citizens Bank – another US institution – acquired Silicon Valley Bank in March 2023 after the latter collapsed and triggered concerns over the US community solar assets it had played a large part in financing.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Located in Saline County, the Eldorado project will deploy “US-made solar panels and racking” – the modules are likely those that Sol Systems signed for earlier this month with major Chinese silicon-based solar manufacturer Canadian Solar, which recently began operations at a 5GW tunnel oxide pssivated contact (TOPCon) module production facility in Texas. The modules will be produced at Canadian Solar’s Texas factory and support Sol Systems’ 2024-25 project pipeline.

The Eldorado project is developed in partnership with energy Tenaska and expected to come online at some point in 2024.

In February 2022, Sol Systems bought a 540MW portfolio of Illinois PV projects from fellow solar developer Arevon Energy. The portfolio consisted of three projects, each reportedly representing 180MW of capacity, and was due to be developed with Tenaska. The transaction did not name the projects, so it is inconclusive whether the Eldorado site was one of them.

Sol Systems said that the site will incorporate pollinator habitat and biodiversity measures, like planting wildflowers and grasslands, to support the surrounding ecosystem.

Earlier this month the company inked a deal with technology giant Google to procure and invest in solar and energy storage projects across the US to support Google’s operations.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

Premium
October 17, 2025
According to Ronak Maheshwari of CRC-IB, there has been a struggle for US renewable power projects to secure necessary equity .
October 17, 2025
Norwegian renewable energy firm Scatec has signed lease agreements for 64MW of solar PV and 10MWh of energy storage capacity in Liberia and Sierra Leone.
October 17, 2025
A group of over 20 US states are suing the Trump administration for the cancellation of the US$7 billion Solar For All Scheme.
October 16, 2025
Masdar and Turkey have entered the final stage of US$1 billion agreement to develop the 1.1GW plant in Bor, Niğde Province, central Turkey.
October 16, 2025
T1 Energy and Nextracker have agreed to use the latter’s steel module frames at the former’s new 5GW module manufacturing facility in Dallas.
October 16, 2025
US utility-scale solar additions grew by 56% in 2024, reaching 30GW from 2023’s 19GW and representing over 54% of all new electricity generation capacity added in the country last year.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK