Soltage LLC, a power producer in Jersey City, announced on Tuesday that it raised a significant debt facility with Fifth Third Bank, National Association.
The $142 million senior construction-to-term credit facility will fund a 110 megawatt solar portfolio located throughout six states: Oregon, Illinois, Massachusetts, Rhode Island, North Carolina and South Carolina.
“We are pleased to be working with Fifth Third and SVB on this portfolio of assets which will deliver low cost solar power to our customers, who now include power consumers in Oregon and Illinois,” Shrips Ilango, chief financial officer, Soltage, said. “This transaction represents an expansion of our partnership with Fifth Third and further demonstrates the quality and bankability of a diverse portfolio of distributed solar assets to institutional investors.”
Fifth Third served as the administrative agent and lead arranger for this deal and Silicon Valley Bank served as the joint lead arranger.
“Fifth Third is pleased to support a top-tier, reputable company in its efforts to build more distributed utility-scale projects across the country,” Eric Cohen, group head of Renewable energy finance at Fifth Third Bank, said. “The relationship with Soltage enables us to put our capital to work to benefit many of the markets we serve, as well as the planet as a whole.”
