L.O.T.W. #150 - Solaris Lights Up New Credit Facility and Adds 900 MW of Additional Capacity
Solaris secured $300 million of short term growth capital from Goldman Sachs and Banco Santander to support Genco Power Solutions acquisition and the purchase of 30 turbine delivery slots
In March 2026, Solaris Energy Infrastructure, LLC — the operating subsidiary of publicly traded Solaris Energy Infrastructure, Inc. (NYSE: SEI) — closed a $300 million senior secured 364-day term loan arranged by Goldman Sachs Bank USA and Banco Santander, S.A., New York Branch. Proceeds were used to retire the company's existing Bank of America ABL facility, fund the concurrent acquisition of Genco Power Solutions, and provide working capital as the company executes an aggressive capacity expansion targeting approximately 3,100 MW of total power generation by end of 2029.
👓At a Glance
Origination Date: March 16, 2026
Borrower: Solaris Energy Infrastructure, LLC (OpCo); Solaris Energy Infrastructure, Inc. (Parent / Guarantor)
Lender: Goldman Sachs Bank USA (Administrative Agent & Collateral Agent); Banco Santander, S.A., New York Branch (Joint Lead Arranger & Joint Bookrunner)
Deal Size: $300 million
Structure: Senior Secured Term Loan (364-day, bullet)
Rate: Term SOFR + 3.00% or Base Rate + 2.00% (0.00% floor)
Term: 364 days
Use of Proceeds: Refinance Bank of America ABL facility; fund Genco Power Solutions acquisition; fees and general corporate / working capital purposes
Source: Press Release
📷Borrower Snapshot
Sector: Energy
Subsector: Energy Equipment and Services
Ownership: Public - NYSE: SEI
Commercial Stage: Revenue Generating; LTM EBITDA +
Business Overview: Solaris Energy Infrastructure, Inc. is a Houston-based power generation and distribution company that delivers mobile, natural gas-fueled turbine capacity, power distribution equipment, and logistics services to data center operators, energy companies, and commercial and industrial customers. The company's core value proposition is the ability to deploy large-scale power generation capacity rapidly — addressing supply-demand imbalances that traditional utility infrastructure cannot solve on short timelines. On March 16, 2026, Solaris closed two concurrent transactions adding approximately 900 MW of incremental capacity: the acquisition of Genco Power Solutions (approximately 400 MW of distributed capacity) and the assumption of 30 turbine delivery slots from Colusa Power Infrastructure Partners / Baker Hughes (approximately 500 MW). Upon full delivery, the company expects to operate approximately 3,100 MW of total power generation capacity by the end of 2029, up from its current approximately 2,200 MW base.
⚙️Structure & Terms
Source: SEC 8-K
Commitment: $300 million (single tranche, fully funded at close)
Maturity: March 15, 2027
Collateral: First priority lien on substantially all assets of Borrower and subsidiaries; Parent (SEI, Inc.) and all material subsidiaries are co-obligors
Rate: Term SOFR + 3.00% or Base Rate + 2.00%; floor of 0.00%
Repayment: Bullet at Maturity
Fees:
Duration fee: 0.50% of outstanding principal at day 90 post-close
Duration fee: 0.75% of outstanding principal at day 180 post-close
Duration fee: 1.00% of outstanding principal at day 270 post-close
Additional fees per fee letter (not disclosed)
Financial Covenant:
Interest Coverage Ratio: Minimum 3.00x (EBITDA / interest expense), tested quarterly beginning Q2 2026 (fiscal quarter ending June 30, 2026)
Total Leverage Ratio: Maximum 5.25x (net debt / EBITDA), tested quarterly beginning Q2 2026; upon consummation of the Genco Acquisition, ratio is increased by 0.25x (to 5.50x) for the four fiscal quarters immediately following closing
Secured Leverage Ratio: Maximum 3.50x (net secured debt / EBITDA), tested quarterly beginning Q2 2026
Minimum Unrestricted Cash: Not less than $50 million at all times