Foley Advises Silicon Valley Bank on Renewable Energy Investment

Foley & Lardner LLP served as legal advisor to Silicon Valley Bank (SVB), a division of First Citizens Bank, in its capacity as Administrative Agent, Collateral Agent, Sole Bookrunner, Coordinating Lead Arranger, and lender with respect to the financing for the Eldorado Project, a 189-megawatt solar development project in Saline County, IL, currently under development by Sol Systems, a national renewable energy company.

In collaboration with financing partners National Bank of Canada, ING Bank, National Australia Bank, and Comerica Bank, the project raised $250 million in debt financing, demonstrating a strong commitment to sustainable energy and economic revitalization. The project, utilizing U.S.-made solar panels and racking, is poised to advance sustainable energy and contribute to the development of clean energy infrastructure in Southern Illinois.

SVB is the bank of some of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and health care, private equity, venture capital, and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights, and connections.

The Foley team included partners Natalie Neals, Thomas Hoffmann, Sarah Slack, and Jason Barglow, senior counsel Justus Britt, of counsel Erin Bartlett, and associates Erin Drolet, Nicole Paterson, Katherine Plachta, and Chloe Sykes.