Soltage, an independent power producer specializing in the development, financing and operation of distributed utility-scale solar and energy storage assets, closed 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 financing structure includes a revolving construction loan, tax equity bridge loan and term loan facility. The facility was structured and led by National Bank of Canada, alongside First Citizens Bank, with BankUnited, Cadence Bank and Siemens Financial Services joining as joint arrangers. Legal counsel was provided by Foley Hoag on behalf of Soltage, and Norton Rose Fulbright represented the lending syndicate.
“This financing marks Soltage’s continued deployment of innovative financial structures that enable efficient capital investment in domestic energy infrastructure,” Jesse Grossman, CEO of Soltage, said. “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.”
“NBC has been a strong supporter of Soltage’s entrepreneurial story which has evolved into a great partnership between our firms,” Vincent Guimond, managing director, project finance for National Bank of Canada, said. “We are honored to play a key role in this adaptable financing structure, empowering Soltage to achieve its growth ambitions.”
“We are proud to deepen our relationship with Soltage through this flexible and strategic capital structure,” Mike Lorusso, group head for First Citizens Bank’s energy finance group, said. “Our collaborative approach with National Bank of Canada helps ensure streamlined execution and strong alignment across construction and term financing phases.”
