Soltage Secures $80 Million to Drive Solar and Storage Growth Across the U.S.

Soltage, a prominent independent power producer focused on solar energy and energy storage systems, has recently announced a significant financial milestone. The company successfully closed an $80 million syndicated development revolver facility, with First Citizens Bank and EastWest Bank as prominent partners. This financing is crucial for advancing Soltage's vast pipeline of solar and storage projects across the United States, showcasing its commitment to delivering sustainable energy solutions.

Overview of the Financing Deal

The $80 million revolver facility is a multi-year financing vehicle aimed at covering development-stage expenditures. This includes crucial interconnection deposits and procurement of necessary equipment, enabling Soltage to streamline its capital deployment more efficiently. Notably, this represents the company's first major financing vehicle prior to receiving the notice to proceed (pre-NTP), highlighting its strong market reputation and enhanced financial capabilities.

Chaim Grushko, Senior Vice President at Soltage, expressed optimism about this achievement, stating, "This financing milestone represents a strong addition to Soltage's financial resources and underscores the confidence our banking partners have in our business model." The ongoing support from First Citizens Bank and EastWest Bank is a testament to Soltage's leadership in the renewable energy sector.

The Importance of Partnership

Mike Lorusso, Group Head for First Citizens Bank's Energy Finance, commented on the continuous relationship with Soltage, remarking, "We are excited to support their continued growth." Soltage has made substantial strides in the solar and energy storage arena by developing over 125 clean energy projects totaling more than 500 MW of distributed generation capacity.

EastWest Bank, which has extensive market reach, plays an integral role in supporting Soltage's initiatives within key U.S. markets. As the largest independent bank headquartered in Southern California, EastWest Bank provides a unique competitive edge in bridging opportunities for financial growth in the clean energy sector.

Accelerating Clean Energy Deployment

The financial backing from the revolver facility will enable Soltage to expand its development of solar and energy storage projects. This, in turn, ensures that reliable and cost-efficient clean energy solutions will be made available to a broader range of clients, including utilities and commercial and industrial entities. Energy independence and sustainability are becoming increasingly important, and Soltage’s efforts align with this vision by pushing clean energy solutions to the forefront.

As part of its strategy, Soltage continues to strengthen its presence in key markets while expanding its pipeline of solar and storage assets across the United States. The financing will support further innovations and infrastructural developments as Soltage aims to foster more environmentally responsible energy solutions.

In conclusion, the $80 million facility positions Soltage for significant growth and reflects the confidence of its banking partners, setting the stage for remarkable advancements in solar energy and storage capabilities in the coming years. As the renewable energy landscape continues to evolve, institutions like Soltage play a pivotal role in shaping a sustainable energy future for all.

For more information about Soltage and its commitment to renewable energy, visit www.soltage.com.