The financial arrangement features a revolving construction loan, a tax equity bridge loan and a term loan facility.
The financial package consists of three components: a revolving construction loan, a tax equity bridge loan, and a term loan facility. This structure offers Soltage flexible capital options to support the construction, management, and long-term operation of its expanding portfolio of renewable energy assets.
The financing facility was structured and led by the National Bank of Canada, in partnership with First Citizens Bank. Additional financial institutions participating as joint arrangers include BankUnited, Cadence Bank, and Siemens Financial Services. Legal counsel for Soltage was provided by Foley Hoag, while Norton Rose Fulbright advised the lending syndicate.
Soltage CEO Jesse Grossman stated: “This financing marks Soltage’s continued deployment of innovative financial structures that enable efficient capital investment in domestic energy infrastructure. 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.”
The facility will be used to accelerate the construction of approximately 250 megawatts (MW) of distributed solar and storage systems. These projects form part of Soltage’s broader strategy to deliver reliable, sustainable energy to communities and commercial clients across the U.S.
National Bank of Canada Project Finance Managing Director Vincent Guimond remarked: “NBC has been a strong supporter of Soltage’s entrepreneurial story which has evolved into a great partnership between our firms. We are honoured to play a key role in this adaptable financing structure, empowering Soltage to achieve its growth ambitions.”
Soltage’s growing clean energy portfolio reflects its commitment to supporting the country’s energy transition through innovative infrastructure development and efficient capital deployment.
Mike Lorusso, Head of Energy Finance at First Citizens Bank, added: “We are proud to deepen our relationship with Soltage through this flexible and strategic capital structure. Our collaborative approach with National Bank of Canada helps ensure streamlined execution and strong alignment across construction and term financing phases.”
With this financing in place, Soltage is well-positioned to continue advancing its mission of expanding access to clean energy while supporting grid resilience and local economic development through its solar and storage initiatives.
