Independent power producer Soltage has secured a $260mn financing facility to support the development and commissioning of its solar and energy storage assets across the United States. The package includes a revolving construction loan, a tax equity bridge loan, and a term loan facility.
The funding will enable the immediate construction of 250 megawatts of distributed projects, within a development pipeline of over 2 gigawatts. The company, headquartered in Jersey City, plans to deploy the funds across several strategic sites where local demand for distributed energy infrastructure continues to rise.
A banking consortium led by National Bank of Canada
The financing was structured and led by National Bank of Canada, alongside First Citizens Bank. BankUnited, Cadence Bank, and Siemens Financial Services also participated as joint arrangers. Legal counsel was provided by Foley Hoag LLP on behalf of Soltage, with Norton Rose Fulbright LLP advising the lenders.
According to Jesse Grossman, Chief Executive Officer of Soltage, the transaction reflects the company’s intent to use flexible financial structures to enhance investment in U.S. energy infrastructure. Founded in 2005, the company focuses on developing, building, and operating distributed renewable energy projects.
Growing support from U.S. and Canadian financial institutions
Vincent Guimond, Managing Director of Project Finance at National Bank of Canada, described the partnership with Soltage as “solid,” adding that the structure adopted provided the adaptability needed to support the company’s growth ambitions. Mike Lorusso, Group Head of Energy Finance at First Citizens Bank, highlighted the efficiency of the joint structure in ensuring coordinated execution between construction and term financing phases.
Soltage currently owns and develops assets across more than 20 U.S. states. Its business model is based on local and institutional partnerships, and the company continues to attract interest from lenders seeking exposure to distributed energy projects.
