Soltage, an independent power producer specializing in distributed utility-scale solar and energy storage projects, has announced the closing of a $260 million construction and term debt financing facility. This funding will be used to support the near-term deployment of solar and storage projects across the United States, drawn from the company’s development pipeline, which currently exceeds 2 gigawatts.
The financing structure is designed to provide Soltage with flexible capital options, and includes a revolving construction loan, a tax equity bridge loan, and a term loan facility. These components will help the company continue its efforts in developing, constructing, and operating clean energy infrastructure at scale.
Jesse Grossman, CEO of Soltage, said in a statement, “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.”
Vincent Guimond, Managing Director, Project Finance for National Bank of Canada, stated, “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.”
“We are proud to deepen our relationship with Soltage through this flexible and strategic capital structure. Our collaborative approach with National Bank of Canada helps ensure streamlined execution and strong alignment across construction and term financing phases,” commented Mike Lorusso, group head for First Citizens Bank’s Energy Finance.
The financing facility was structured and led by National Bank of Canada and First Citizens Bank. Additional support came from BankUnited, Cadence Bank, and Siemens Financial Services, which participated as joint arrangers. Legal counsel for Soltage was provided by Foley Hoag LLP, while Norton Rose Fulbright LLP advised the lending syndicate. This transaction marks another step in Soltage’s continued growth and reflects the company’s commitment to expanding access to clean, reliable energy solutions for communities and businesses across the country.
