US-based independent power producer Soltage has closed a $260m financing deal to support the rollout of its distributed solar and energy storage pipeline in the US, which exceeds 2GW in total capacity.
The funding will back near-term construction of 250MW of solar and storage installations.
The financing package includes a revolving construction loan, a tax equity bridge loan, and a term loan facility. It was led by the National Bank of Canada and First Citizens Bank, with participation from BankUnited, Cadence Bank, and Siemens Financial Services.
“This financing marks Soltage’s continued deployment of innovative financial structures that enable efficient capital investment in domestic energy infrastructure,” said Jesse Grossman, CEO of Soltage.
“With the support of National Bank of Canada, First Citizens Bank, and our valued financial partners, this facility will enable construction of the next 250MW of distributed solar and storage projects across our national portfolio.”
Based in New Jersey, Soltage develops and operates distributed utility-scale clean energy projects, supplying power to utility, commercial, industrial, and municipal customers.
The company is backed by infrastructure investment manager Igneo Infrastructure Partners and has delivered over 125 clean energy projects totalling more than 500MW.
The financing marks a deepening of relationships between Soltage and its financial partners.
