ImpactAlpha, July 26 — Washington, D.C.-based Sol Systems has financed or developed more than one gigawatt of community solar projects valued at more than $1 billion since 2008.
Its nearly 17,000 U.S. customer base includes corporations, municipalities and others. Sol’s partnership with Microsoft, for example, will finance and develop 50 megawatts of renewable energy and commit at least $50 million for communities where the assets are located.
KKR was attracted by Sol’s “integrated platform, and a leadership team that’s driven by positive impact,” KKR’s Tim Short told ImpactAlpha. “With partners like Sol Systems, we can put large amounts of capital to work in the right places.”
Sol is part of Renewables Forward, launched last October to invest in under-resourced and minority communities.
The financing will help Sol Systems “dramatically scale the work we’re doing with our partners,” said co-founder Yuri Horwitz.
The billion-dollar partnership with KKR will help the firm acquire shovel-ready renewable energy and storage projects across the U.S. KKR made the investment through its third global infrastructure fund.