Soltage, an independent power producer and developer of utility-scale solar and energy storage projects across the U.S., announced the closing of a $260 million construction and term debt financing facility to support the near-term deployment of solar and storage projects from the company’s more than 2 GW development pipeline across the U.S.
The financing package comprises a revolving construction loan, a tax equity bridge loan, and a term loan facility, offering Soltage flexible capital to continue developing, building, and operating its growing portfolio of clean energy infrastructure assets.
The funding was structured and led by the National Bank of Canada, alongside First Citizens Bank, with BankUnited, Cadence Bank, and Siemens Financial Services joining as joint arrangers. Foley Hoag acted as the company’s legal counsel, while Norton Rose Fulbright served as the legal counsel for the consortium of lenders.
“This financing marks Soltage’s continued deployment of innovative financial structures that enable efficient capital investment in domestic energy infrastructure,” said Jesse Grossman, CEO of Soltage. “With the support of the National Bank of Canada, First Citizens Bank, and our valued financial partners, this facility will enable the construction of the next 250 megawatts of distributed solar and storage projects across our national portfolio.”
“NBC has been a strong supporter of Soltage’s entrepreneurial story, which has evolved into a great partnership between our firms,” said Vincent Guimond, Managing Director of Project Finance for the National Bank of Canada, “We are honored to play a key role in this adaptable financing structure, empowering Soltage to achieve its growth ambitions.”
The company has delivered over 125 clean energy projects totaling more than 500 MW of distributed generation capacity. Soltage is backed by Igneo Infrastructure Partners, a global infrastructure investment manager.
According to Mercom’s Q1 2025 Solar Funding and M&A report, funding for large-scale solar projects increased by 27% in Q1 2025 compared to Q1 2024.
Earlier this month, Enlight Renewable Energy, a developer of renewable energy projects, secured around $310 million for the hybridization of the Gecama Project, located in Spain.
