Soltage, an independent power producer developing, financing and operating distributed solar and energy storage assets across the U.S., closed an $80 million syndicated development revolver facility. The facility is led by First Citizens Bank as sole bookrunner, administrative agent and coordinating lead arranger and EastWest Bank as coordinating lead arranger.
The new multi-year revolver is intended to finance development-stage expenditures, including interconnection deposits and equipment procurement, enabling Soltage to deploy capital across its growth pipeline.
“This financing milestone represents a strong addition to Soltage’s financial resources and underscores the confidence our banking partners have in our business model,” Chaim Grushko, senior vice president at Soltage, said. “We are grateful to First Citizens Bank and EastWest Bank for their support, and to the internal teams whose efforts brought this to fruition.”
Mike Lorusso, group head for First Citizens Bank’s energy finance, said, “We are pleased to continue our relationship with Soltage by providing this latest development financing. Soltage is a leader in developing solar and energy storage projects across the U.S. and we are excited to support their continued growth.”
The facility will support Soltage’s development of solar and energy storage projects across key U.S. markets.
