Soltage Secures $260 Million Construction and Term Debt Facility to Accelerate Clean Energy Deployment

Rhea-AI Summary

Soltage, a leading independent power producer, has secured a $260 million construction and term debt financing facility to support its 2+ GW solar and storage project pipeline across the United States. The innovative financing structure includes revolving construction loan, tax equity bridge loan, and term loan facility, led by National Bank of Canada and First Citizens Bank (FCNCA), with BankUnited, Cadence Bank, and Siemens Financial Services as joint arrangers. The facility will enable the construction of 250 megawatts of distributed solar and storage projects. This financing demonstrates Soltage's ability to secure significant capital for clean energy infrastructure development and strengthens its position in delivering renewable energy solutions nationwide.

Positive

• Secured substantial $260 million financing facility for clean energy projects
• Large 2+ GW development pipeline across the United States
• Flexible financing structure including construction loan, tax equity bridge loan, and term loan
• Near-term deployment plan for 250 megawatts of distributed solar and storage projects
• Strong backing from major financial institutions including First Citizens Bank and National Bank of Canada

Negative

• None.

Insights

Renewable Energy Finance Specialist

First Citizens Bank co-leads $260M debt facility for Soltage, supporting 250MW of new solar/storage projects from 2GW pipeline.

This $260 million construction and term debt facility represents a significant capital injection for Soltage's growth strategy. The financing package is notably comprehensive, combining three essential elements: a revolving construction loan, tax equity bridge loan, and term loan facility. This structure provides Soltage with remarkable financial flexibility to simultaneously develop, construct, and operate projects across different stages of maturity.

The deal's scale indicates strong institutional confidence in Soltage's business model and execution capabilities in the distributed utility-scale solar and storage market. With First Citizens Bank serving as a lead arranger alongside National Bank of Canada, this transaction strengthens FCNCA's position in the renewable energy financing sector, which has shown robust growth amid the ongoing energy transition.

Most importantly, this facility will directly enable deployment of 250 megawatts of new projects from Soltage's substantial 2+ gigawatt development pipeline. The participation of five financial institutions in the syndicate demonstrates broad market support for renewable infrastructure investments. For First Citizens Bank, this transaction aligns with their strategic focus on energy finance while diversifying their loan portfolio with assets that typically offer stable returns backed by long-term power purchase agreements.

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

JERSEY CITY, N.J., June 10, 2025 /PRNewswire/ -- Soltage, a leading independent power producer (IPP) specializing in the development, financing, and operation of distributed utility-scale solar and energy storage assets, today announced the closing of a $260 million construction and term debt financing facility. The funds will support the near-term deployment of solar and storage projects from the company's more than 2-gigawatt development pipeline across the United States.

The innovative financing structure includes a revolving construction loan, tax equity bridge loan, and term loan facility, offering Soltage flexible capital to continue developing, building, and operating its growing portfolio of clean energy infrastructure assets.

The facility was structured and led by National Bank of Canada, alongside First Citizens Bank, with BankUnited, Cadence Bank, and Siemens Financial Services joining as joint arrangers. Legal counsel was provided by Foley Hoag LLP on behalf of Soltage, and Norton Rose Fulbright LLP represented the lending syndicate.

"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 National Bank of Canada, First Citizens Bank, and our valued financial partners, this facility will enable 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, Project Finance for National Bank of Canada, "We are honored to play a key role in this adaptable financing structure, empowering Soltage to achieve its growth ambitions."

"We are proud to deepen our relationship with Soltage through this flexible and strategic capital structure," said Mike Lorusso, group head for First Citizens Bank's Energy Finance. "Our collaborative approach with National Bank of Canada helps ensure streamlined execution and strong alignment across construction and term financing phases."

Soltage's expanding portfolio reflects the company's ongoing commitment to delivering resilient, clean energy solutions to communities and businesses nationwide.

About Soltage
Soltage is a leading Independent Power Producer that develops, owns, and operates distributed utility-scale solar and storage assets across the United States. Serving utility, commercial, industrial, and municipal clients, Soltage has delivered more than 125 clean energy projects totaling over 500 MW of distributed generation capacity. Headquartered in Jersey City, New Jersey, Soltage is backed by Igneo Infrastructure Partners, a global infrastructure investment manager with over $20 billion in assets under management. Learn more at 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 more than 500 branches and offices in 30 states; 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. Discover more at firstcitizens.com.

About National Bank of Canada
With $536 billion in assets as at April 30, 2025, National Bank of Canada is one of Canada's six systemically important banks. The Bank has approximately 34,000 employees in knowledge-intensive positions and operates three business segments in Canada: Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth segment, U.S. Specialty Finance and International, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media.

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SOURCE Soltage

FAQ

What is the size of Soltage's new financing facility and who are the lead lenders?

Soltage secured a $260 million construction and term debt financing facility, led by National Bank of Canada and First Citizens Bank (FCNCA), with BankUnited, Cadence Bank, and Siemens Financial Services as joint arrangers.

How many megawatts of solar and storage projects will this financing support?

The financing will enable the construction of 250 megawatts of distributed solar and storage projects across Soltage's national portfolio.

What is the total size of Soltage's development pipeline?

Soltage has more than 2 gigawatts (2+ GW) of solar and storage development pipeline across the United States.

What type of financing structure is included in the $260M facility?

The financing structure includes three components: a revolving construction loan, tax equity bridge loan, and term loan facility.

How will First Citizens Bank (FCNCA) participate in this financing deal?

First Citizens Bank serves as one of the lead lenders in the financing facility, with Mike Lorusso, group head for First Citizens Bank's Energy Finance, highlighting their role in providing flexible and strategic capital structure.