US independent power producer Soltage has announced $260 million in financing to develop over 2 gigawatts (GW) of solar and energy storage projects. The financing package includes a revolving construction loan, a tax equity bridge loan, and a term loan, providing Soltage with flexible capital to support the expansion of its clean energy portfolio.
National Bank of Canada (NBC) served as the lead arranger, structuring the financing mechanism alongside First Citizens Bank. Other participating institutions include BankUnited, Cadence Bank, and Siemens Financial Services. Soltage CEO Jesse Grossman stated: "This financing reflects the success of our innovative financial model and will support the construction of 250 megawatts (MW) of distributed solar and storage projects across the country."
Vincent Guimond, Managing Director of Project Finance at National Bank of Canada, commented: "We have built a strong partnership with Soltage and are proud to support its growth objectives through this flexible financing structure." Mike Lorusso, Head of Energy Finance Group at First Citizens Bank, added: "Collaboration with National Bank of Canada ensured efficient execution throughout all phases of the financing."
Soltage continues to expand its portfolio of clean energy projects, committed to delivering reliable renewable energy solutions to communities and businesses across the United States. Foley Hoag LLP acted as legal counsel to Soltage, while Norton Rose Fulbright represented the lenders.