Sol Systems Secures $80 Million from Great Bay Renewables to Power Its Development Pipeline

Portsmouth, New Hampshire--(Newsfile Corp. - September 10, 2025) - Sol Systems, an independent power producer (IPP) committed to building, owning, and operating domestic clean energy infrastructure that benefits local communities, today announced that Great Bay Renewables (GBR) has made an initial commitment of approximately $80 million in interconnection letters of credit (LCs) supporting Sol's MISO portfolio. The revolving facility will be used to post refundable milestone deposits to MISO and, subsequently, to support readiness deposits in PJM.

"Interconnection is a bottleneck for U.S. clean energy deployment," said Richard Romero, Chief Financial Officer, Sol Systems. "This facility lets us scale more efficiently by posting deposits with letters of credit rather than cash, so we can advance a broader, de-risked portfolio for our customers and capital partners. Great Bay Renewables understands today's queue realities and structured a solution that meets the moment."

Frank Getman, CEO of Great Bay Renewables, said, "The capital required for grid interconnection security is one of the largest impediments to energy project development. At Great Bay, we specialize in creating innovative financial solutions to solve these complex problems. Our interconnection financing frees up our partners' balance sheets, enabling companies like Sol Systems to deploy their resources efficiently to build the projects that accelerate the growth of American industry."

Non-cash-collateralized LC capacity has historically been reserved for large, credit-rated platforms. By partnering with GBR, Sol gains balance-sheet efficiency comparable to the industry's largest players while continuing to invest in rigorous upfront engineering and site selectivity. This non-cash-collateralized LC capacity enables Sol to advance a greater number of high-quality interconnection positions without tying up cash, supporting a larger, more diversified pipeline and accelerating deployment as projects mature.

Sol Systems secured $80 million in interconnection financing from Great Bay Renewables to support projects in MISO and PJM, serving 29 U.S. states.

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About Sol Systems

Sol Systems is an Independent Power Producer (IPP) committed to building, owning, and managing clean energy infrastructure that benefits local communities. With over 7 GW of projects across 38 states, Sol integrates energy storage and grid resiliency solutions to deliver reliable, sustainable power to Fortune 500 companies, municipalities, utilities, and schools. Through strategic partnerships and community reinvestment, Sol ensures clean energy development drives long-term economic and environmental benefits. Founded in 2008 and led by its founder, Sol Systems is dedicated to shaping an energy future we can all believe in.

About Great Bay Renewables

Great Bay Renewables, based in Portsmouth, New Hampshire, provides creative capital solutions to the renewable energy sector. Specializing in royalty financing, Great Bay provides capital for renewable energy projects at all stages of their life cycle, including addressing critical financial hurdles such as interconnection security deposits. To date, the company has invested more than $730 million to the sector, creating royalty agreements on over 35 renewable energy projects totaling approximately 8.2 GW. Great Bay's management team has extensive experience in renewable energy development, financing, and operations across a range of technologies throughout the United States. Great Bay is backed by Altius Renewable Royalties Corp. and certain funds managed by affiliates of Apollo. Learn more at https://www.greatbayrenewables.com/ or follow on LinkedIn.

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