Soltage, a leading independent power producer (IPP) specializing in the development, financing, and operation of distributed utility-scale solar and energy storage assets, today announced the closing of a $260 million construction and term debt financing facility. The funds will support the near-term deployment of solar and storage projects from the company’s more than 2-gigawatt development pipeline across the United States.
The innovative financing structure includes a revolving construction loan, tax equity bridge loan, and term loan facility, offering Soltage flexible capital to continue developing, building, and operating its growing portfolio of clean energy infrastructure assets.
National Bank of Canada structured the facility alongside First Citizens Bank, with BankUnited, Cadence Bank, and Siemens Financial Services joining as joint arrangers. Legal counsel was provided by Foley Hoag LLP on behalf of Soltage, and Norton Rose Fulbright LLP represented the lending syndicate.
“This financing marks Soltage’s continued deployment of innovative financial structures that enable efficient capital investment in domestic energy infrastructure. With the support of National Bank of Canada, First Citizens Bank, and our valued financial partners, this facility will enable construction of the next 250 megawatts of distributed solar and storage projects across our national portfolio.”
– Jesse Grossman, CEO of Soltage.
“NBC has been a strong supporter of Soltage’s entrepreneurial story, which has evolved into a great partnership between our firms. We are honored to play a key role in this adaptable financing structure, empowering Soltage to achieve its growth ambitions.”
– Vincent Guimond, Managing Director, Project Finance for National Bank of Canada.
“We are proud to deepen our relationship with Soltage through this flexible and strategic capital structure. Our collaborative approach with the National Bank of Canada helps ensure streamlined execution and strong alignment across construction and term financing phases.”
– Mike Lorusso, group head for First Citizens Bank’s Energy Finance.
Soltage’s expanding portfolio reflects the company’s ongoing commitment to delivering resilient, clean energy solutions to communities and businesses nationwide.
Soltage is a leading independent power producer that develops, owns, and operates distributed utility-scale solar and storage assets across the United States. Serving utility, commercial, industrial, and municipal clients, Soltage has delivered more than 125 clean energy projects totaling over 500 MW of distributed generation capacity. Igneo Infrastructure Partners, a global infrastructure investment manager with over $20 billion in assets under management, backs Soltage, headquartered in Jersey City, New Jersey.
