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Sol Systems, a leading national renewable energy company, proudly announces the successful financing completion for its groundbreaking Eldorado Project situated in Saline County, Illinois. This transformative initiative, utilizing domestically manufactured solar panels and racking systems, represents a significant stride in advancing sustainable energy and bolstering clean energy infrastructure across Southern Illinois.
At the core of the Eldorado Project lies Sol Systems’ Infrastructure + Impact ethos, exemplified through its commitment to allocate a portion of project revenues to local community organizations throughout Southern Illinois. This philanthropic endeavor underscores Sol Systems’ dedication to fostering a more interconnected and sustainable future.
Involving over 19 local landowners, the Eldorado Project ensures rental income for more than four decades. Moreover, the broader local community stands to benefit from substantial property tax revenues estimated to reach up to $26 million over the next 40 years. These funds will play a pivotal role in supporting various local initiatives, including schools, roads, healthcare facilities, libraries, parks, road districts, townships, and river conservation efforts. Additionally, this new property tax base will help mitigate the economic impact stemming from the closure of local mining operations at the Willow Lake Mine and Wildcat Hills Complex.
The project also underscores a commitment to environmental stewardship through the incorporation of a pollinator habitat and habitat restoration efforts. These endeavors aim to seamlessly integrate project development with the surrounding ecosystem by planting a diverse mix of grasses and wildflowers, with a particular focus on nurturing biodiversity and ecosystem health.
Yuri Horwitz, CEO of Sol Systems, emphasized, “The Eldorado Project exemplifies our dedication to building renewable infrastructure that delivers tangible benefits to local communities and ecosystems. We are committed to not only providing sustainable energy but also driving significant economic and social value to the Saline County community.”
This financing milestone marks a significant accomplishment in renewable energy development, underpinned by Sol Systems’ expertise in structuring and executing complex financial arrangements. Working in collaboration with financing partners such as 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 secured $250 million in funding, showcasing a robust commitment to sustainable energy and economic revitalization.
Bret Turner, Head of Project Finance, Business Development, and Innovation at Silicon Valley Bank, commented, “We are delighted to support the Eldorado Project alongside Sol Systems and our esteemed partners. This initiative aligns with our ongoing commitment to providing 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.”
Bryan Didier, Partner and Managing Director of Renewable Energy at Monarch Private Capital, expressed enthusiasm, stating, “We are thrilled to be part of the Eldorado Project, which epitomizes the innovative spirit and commitment to sustainability that defines the future of energy. Our involvement underscores Monarch’s dedication to supporting initiatives that not only offer renewable energy solutions but also drive economic growth and community development. We believe that the project will serve as a blueprint for future renewable energy endeavors, showcasing the potential to blend financial returns with positive environmental and social impacts.” |
