Soltage Closes $80 Million Syndicated Development Revolver Facility to Accelerate Solar & Storage Deployment

Rhea-AI Summary

Soltage (EWBC) closed an $80 million syndicated multi-year development revolver facility on Dec 16, 2025 to accelerate deployment of its distributed solar and energy storage pipeline.

The facility is led by First Citizens Bank (sole bookrunner, administrative agent and coordinating lead arranger) with EastWest Bank as coordinating lead arranger. It is intended to finance development-stage expenditures, including interconnection deposits and equipment procurement, and represents Soltage's first major pre-notice-to-proceed financing vehicle.

Soltage said the revolver will support projects across key U.S. markets and build on its track record of developing more than 125 projects totaling over 500 MW of distributed generation capacity.

Positive

• $80 million syndicated development revolver closed
• Facility led by First Citizens Bank with EastWest Bank
• Finances pre-NTP development costs including interconnection deposits and equipment
• Supports deployment across Soltage's > 2+ GW solar and storage pipeline
• Company has developed 125+ projects totaling > 500 MW

Negative

• None.

Key Figures

Revolver facility size $80 million Syndicated development revolver to finance Soltage projects

Project pipeline 2+ GW Soltage solar and storage development pipeline

Clean energy projects More than 125 projects Total number of projects developed by Soltage

Installed capacity Over 500 MW Distributed generation capacity developed by Soltage

Market Reality Check

$2183.12 Last Close

Volume Volume 943,718 is 1.8x the 20-day average of 522,966, indicating elevated trading interest before this news. high

Technical EWBC trades above its 200-day MA, with price at $113.62 versus a 200-day MA of $98.18, reflecting a pre-existing uptrend.

Peers on Argus

While EWBC was flat at 0.0%, regional and international banking peers like BCH (-1.19%), WF (-0.44%), BSAC (-1.45%), CIB (-2.07%), and KEY (-2.01%) traded lower, suggesting today’s setup was more stock-specific than sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Oct 21	Q3 earnings	Positive	+0.5%	Record Q3 2025 net income and EPS with strong profitability metrics.
Oct 08	Strategic partnership	Positive	-0.7%	Long-term agreement with Worldpay to expand client payment solutions.
Aug 25	Industry ranking	Positive	+1.6%	Top ranking in Bank Director’s performance study for third consecutive year.
Aug 22	Conference appearance	Neutral	-0.8%	CFO participation in Barclays Global Financial Services Conference.
Jul 22	Q2 earnings	Positive	-2.4%	Record Q2 revenue and net interest income with solid loan and deposit growth.

Pattern Detected

Recent news shows mixed price reactions: strong earnings and accolades sometimes aligned with gains and sometimes with declines, indicating no consistent pattern around positive headlines.

Recent Company History

Over the past six months, East West Bancorp has reported multiple periods of strong financial performance, including record revenue and net income in Q2 and Q3 2025, with returns on equity above 15%. The bank also earned a top industry ranking for the third straight year and expanded payments capabilities via a Worldpay partnership. Against this backdrop, today’s announcement highlights EWBC’s role as a coordinating lead arranger in financing clean energy infrastructure, consistent with its strategy of supporting diversified commercial clients.

Market Pulse Summary

This announcement highlights East West Bancorp’s role as a coordinating lead arranger in an $80 million syndicated revolver supporting Soltage’s 2+ GW solar and storage pipeline. It underscores the bank’s reach in project and development finance, complementing prior quarters of strong earnings and top-tier industry rankings. Investors may track how similar clean energy mandates contribute to fee income, client diversification, and the broader strategic positioning of EWBC’s commercial banking franchise.

Key Terms

syndicated development revolver facility financial

"today announced the closing of an $80 million syndicated development revolver facility."

A syndicated development revolver facility is a pool of revolving credit provided by a group of lenders to finance ongoing development or construction needs. Think of it as a shared, refillable loan account that developers draw from as costs arise and repay as they receive income or permanent financing; it matters to investors because it affects a project's ability to keep going, the borrower’s short-term liquidity, and the risk that lenders can restrict or reprioritize cash flows if covenants are breached.

interconnection deposits technical

"intended to finance development-stage expenditures — including interconnection deposits and equipment"

An interconnection deposit is a refundable payment a project developer makes to a grid operator or utility to secure the right to connect equipment—like a power plant, battery or large customer—to the electrical network. It matters to investors because the deposit ties up cash, signals progress or commitment on a capital project, and can be forfeited or returned based on technical studies and regulatory approvals, much like putting down a reservation fee while you await final confirmation.

pre-notice-to-proceed (pre-NTP) technical

"This marks Soltage's first major pre-notice-to-proceed (pre-NTP) financing vehicle"

A pre-notice-to-proceed (pre-NTP) is a preliminary, conditional signal from a contract issuer that a project award is imminent but final approvals or paperwork are still outstanding; it often allows limited preparatory work or spending before the formal Notice to Proceed. For investors, a pre-NTP is like a handshake before a signed contract: it shows a project is moving toward execution and potential revenue, but also carries the risk that final conditions may delay, change, or cancel the work.

distributed generation technical

"totaling over 500 MW of distributed generation capacity."

Electricity produced close to where it is used rather than at a large, central power plant—examples include rooftop solar, small wind turbines, and local gas generators. For investors, distributed generation matters because it can change how power is bought and sold, reduce demand for traditional utility services, create new revenue streams for installers and technology providers, and expose assets to different regulatory and reliability risks, like a neighborhood adding many home solar systems.

AI-generated analysis. Not financial advice.

Financing to Support Growth from 2+ GW Solar and Storage Pipeline

JERSEY CITY, N.J., Dec. 16, 2025 /PRNewswire/ -- Soltage, a leading independent power producer developing, financing and operating distributed solar and energy storage assets across the U.S., today announced the closing of an $80 million syndicated development revolver facility. The facility is led by First Citizens Bank as sole bookrunner, administrative agent and coordinating lead arranger and EastWest Bank as coordinating lead arranger.

The new multi-year revolver is intended to finance development-stage expenditures — including interconnection deposits and equipment procurement — enabling Soltage to deploy capital efficiently across its growth pipeline. This marks Soltage's first major pre-notice-to-proceed (pre-NTP) financing vehicle, underscoring the company's strengthened market reputation and expanded financial capacity.

"This financing milestone represents a strong addition to Soltage's financial resources and underscores the confidence our banking partners have in our business model," said Chaim Grushko, Senior Vice President at Soltage. "We are grateful to First Citizens Bank and EastWest Bank for their support, and to the internal teams whose efforts brought this to fruition."

"We are pleased to continue our relationship with Soltage by providing this latest development financing," said Mike Lorusso, Group Head for First Citizens Bank's Energy Finance. "Soltage is a leader in developing solar and energy storage projects across the U.S. and we are excited to support their continued growth."

The facility will support Soltage's development of solar and energy storage projects across key U.S. markets, helping deliver reliable and cost-effective clean energy solutions to communities, utilities, and commercial and industrial clients.

Soltage has developed more than 125 clean energy projects totaling over 500 MW of distributed generation capacity. The company continues to expand its footprint nationwide with a growing pipeline of solar and storage assets.

About Soltage
Soltage is a leading Independent Power Producer focused on the development, financing, and operation of distributed utility-scale solar and storage assets for utility, commercial, industrial, and municipal customers across the United States. Soltage has developed more than 125 clean energy projects totaling more than 500 MW total distributed generating capacity. Soltage is headquartered in Jersey City, New Jersey. For more information, visit www.soltage.com. 

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

About EastWest Bank
East West Bank provides financial services that help customers reach further and connect to new opportunities. East West Bancorp, Inc. is a public company (Nasdaq: "EWBC") with total assets of more than $78 billion, as of June 30, 2025. The company's wholly owned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, and operates over 110 locations in the United States and Asia. The Bank's markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas and Washington. For more information on East West, visit www.eastwestbank.com.

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SOURCE Soltage

FAQ

What financing did Soltage (EWBC) close on December 16, 2025?

Soltage closed an $80 million syndicated multi-year development revolver facility on Dec 16, 2025.

Who led the $80 million Soltage (EWBC) development revolver?

The facility was led by First Citizens Bank as sole bookrunner and administrative agent, with EastWest Bank as coordinating lead arranger.

What will the Soltage (EWBC) revolver finance?

The revolver is intended to finance development-stage expenditures such as interconnection deposits and equipment procurement.

How does the revolver affect Soltage's project pipeline (EWBC)?

The facility is intended to accelerate deployment across Soltage's 2+ GW solar and storage pipeline by funding pre-NTP costs.

How much operating capacity has Soltage developed to date?

Soltage has developed more than 125 projects totaling over 500 MW of distributed generation capacity.

Is the Soltage (EWBC) revolver a short-term or multi-year facility?

The announcement describes the revolver as a multi-year facility.