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.
SOURCE Soltage