Soltage, an independent renewable power producer, raised a $130 million debt facility led by Silicon Valley Bank. The investment will finance a 110 MW national portfolio of projects across six states, including North Carolina, South Carolina, Maine, Illinois, Virginia and Maryland.
The construction of this portfolio will be staged over the next three quarters, with construction currently underway on 10 projects across four states. Customers purchasing electricity from the projects financed through this debt vehicle include investor-owned utilities buying power under Public Utility Regulatory Policies Act (PURPA) contracts, community solar subscribers and corporations purchasing power from the portfolio to meet clean energy goals and lower energy costs.
Silicon Valley Bank is the sole coordinating lead arranger of the debt facility, with three other banks included as lenders. This facility includes an optional $100 million expansion feature to finance additional projects beyond the current set of identified projects. This announcement marks the latest development for the Soltage Iris capital vehicle, following Soltage and Harrison Street’s $250 million commitment in March 2021 to deliver 450 MW of new solar, solar plus storage and standalone storage development across the United States.
“Soltage continues to provide stable investment opportunities for capital providers who are looking for bankable approaches to sustainable infrastructure investment,” Sripradha Ilango, CFO of Soltage, said. “We are pleased to continue to bring to market high quality project portfolios that open avenues for corporations, utilities and families to adopt solar power and achieve decarbonization priorities.”
“We are at a critical point where funding domestic infrastructure to bring more clean energy online in the United States is of the utmost importance,” Bret Turner, market manager at Silicon Valley Bank, said. “Our team is proud to work with Soltage to support building these essential zero carbon energy projects in key locations across the country.”
Soltage has deployed more than $1 billion into clean energy assets across the U.S. since its founding in 2005.
