Soltage, a Jersey City-based independent power producer developing, financing and operating distributed solar and energy storage assets across the United States, announced Dec. 16 the closing of an $80 million syndicated development revolver facility.
The revolver is led by Raleigh, N.C.-based First Citizens Bank as sole bookrunner, administrative agent and coordinating lead arranger and East West Bank of Pasadena, Calif., as coordinating lead arranger.
The new multi-year revolver is intended to finance development-stage expenditures that include interconnection deposits and equipment procurement. This will enable Soltage to deploy capital efficiently across its growth pipeline.
The revolver marks Soltage’s first major pre-notice-to-proceed (pre-NTP) financing vehicle, reflecting 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.”
The facility will support Soltage’s development of solar and energy storage projects across key U.S. markets.
Soltage has developed more than 125 clean energy projects totaling over 500 megawatts of distributed generation capacity. The company continues to expand its footprint nationwide with a growing pipeline of solar and storage assets.
East West Bank is the largest independent bank based in Southern California and operates over 110 locations in the United States and Asia.
