Soltage Secures $260M Debt Facility for US Solar, Storage Expansion

Soltage, a Jersey City-based independent power producer specializing in distributed utility-scale solar and energy storage projects, has secured a $260 million construction and term debt financing facility to advance its development pipeline exceeding 2 gigawatts across the United States. The innovative financing structure includes a revolving construction loan, a tax equity bridge loan, and a term loan facility, providing flexible capital to support the construction of the next 250 megawatts of solar and storage projects. The financing was structured and led by National Bank of Canada and First Citizens Bank, with additional participation from BankUnited, Cadence Bank, and Siemens Financial Services, reflecting strong institutional confidence in Soltage's business model. CEO Jesse Grossman emphasized that this funding will enable efficient capital investment in domestic energy infrastructure, facilitating the company's growth and deployment of clean energy solutions nationwide. The collaboration between Soltage and its financial partners aims to enhance grid reliability and efficiency, reduce carbon emissions, and contribute to the expansion of sustainable energy infrastructure in the U.S. This deal underscores the increasing attractiveness and viability of large-scale solar and storage projects in the renewable energy market.