Soltage, an independent power producer (IPP), has secured a $260m construction and term debt financing facility for the deployment of solar and storage projects from the company’s development pipeline, which exceeds 2GW across the US.

The financial arrangement features a revolving construction loan, a tax equity bridge loan and a term loan facility.

This provides Soltage with flexible capital to advance the development, construction and management of an expanding portfolio of clean energy infrastructure assets.

The National Bank of Canada was responsible for structuring and leading the financing facility in collaboration with First Citizens Bank.

Additional joint arrangers were BankUnited, Cadence Bank and Siemens Financial Services.

Soltage CEO Jesse Grossman stated: “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.”

Legal representation for the financing for Soltage was provided by Foley Hoag, and Norton Rose Fulbright represented the lending syndicate.

National Bank of Canada project finance managing director Vincent Guimond stated: “NBC has been a strong supporter of Soltage's entrepreneurial story which has evolved into a great partnership between our firms.

“We are honoured to play a key role in this adaptable financing structure, empowering Soltage to achieve its growth ambitions.”

Soltage's expanding clean energy portfolio is part of the company's commitment to providing robust, clean energy solutions for communities and businesses across the country.

First Citizens Bank's Energy Finance group head Mike Lorusso stated: “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.”

"Soltage secures $260m for US solar and energy storage projects" was originally created and published by Power Technology, a GlobalData owned brand.

 

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