Soltage raised a $142 million senior construction-to-term credit facility with Fifth Third Bank.
The facility will fund a 110 megawatt (MW) solar portfolio of distributed utility-scale solar assets located across six states: Oregon, Illinois, Massachusetts, Rhode Island, North Carolina and South Carolina.
Fifth Third served as administrative agent and lead arranger for this financing with Silicon Valley Bank as joint lead arranger on the investment. Soltage, working in partnership with Basalt managed funds, are deploying this financing through their previously established Helios capital vehicle.
“We are pleased to be working with Fifth Third and SVB on this portfolio of assets which will deliver low cost solar power to our customers, who now include power consumers in Oregon and Illinois,” said Shrips Ilango, Soltage CFO. “This transaction represents an expansion of our partnership with Fifth Third and further demonstrates the quality and bankability of a diverse portfolio of distributed solar assets to institutional investors.”
“Fifth Third is pleased to support a top-tier, reputable company in its efforts to build more distributed utility-scale projects across the country,” said Eric Cohen, group head of Renewable Energy Finance at Fifth Third Bank. “The relationship with Soltage enables us to put our capital to work to benefit many of the markets we serve, as well as the planet as a whole.”
Soltage has developed more than 100 solar energy projects across the U.S. with more than 300 MW total distributed generating capacity under construction and management. Jersey City-based Soltage is backed by a group of investors including Prudential Capital Group.
Basalt Infrastructure Partners is the exclusive investment adviser to the Basalt managed funds.
