US solar developer Sol Systems has reached financial close on its 123MWac Peoria Solar Portfolio in Illinois.
The portfolio comprises solar projects across Knox, Tazewell and Peoria counties and are scheduled for completion in 2027.
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The US$355 million portfolio is expected to generate around 280,000MWh of electricity in its first year of operation. According to the company, this is equivalent to the annual electricity consumption of more than 25,000 average US households.
The projects cover more than 900 acres and secured revenue support through the Illinois Power Agency’s Indexed REC Procurement process. According to Sol Systems, the portfolio is expected to create around 300 construction jobs locally.
“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, which has been appointed as engineering, procurement and construction (EPC) contractor for the portfolio.
“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.”
Construction will be financed through Sol Systems’ revolving construction warehouse financing facility, which the company announced in July 2025. The lending group comprised BBVA, ING Capital LLC, Intesa Sanpaolo (IMI CIB Division), National Australia Bank, Natixis CIB and NatWest.
Tax equity for the transaction was provided through Raymond James Renewable Energy Investments. Sol Systems said this marks the third financing collaboration between the companies, following the 342MWdc Eldorado solar project in Illinois and a 209MW Texas solar project, which is scheduled to enter commercial operation in 2026.
Upon completion of the Peoria portfolio, the companies will have partnered on more than 550MWac of solar projects across the US.
