Soltage closes $130 million debt facility via Silicon Valley Bank

By Marisa Wong

Los Angeles, July 27 – Soltage LLC announced it raised a $130 million debt facility led by Silicon Valley Bank.

Silicon Valley Bank is the coordinating lead arranger of the debt facility with three other banks included as lenders.

The investment will finance a 110-megawatt national portfolio of projects across six states: North Carolina, South Carolina, Maine, Illinois, Virginia and Maryland.

The construction of this portfolio will be staged over the next three quarters, with construction currently underway on 10 projects across four states.

Customers purchasing electricity from the projects financed through this debt vehicle include investor-owned utilities buying power under Public Utility Regulatory Policies Act (Purpa) contracts, community solar subscribers and corporations purchasing power from the portfolio to meet clean energy goals and lower energy costs.

The debt facility includes an optional $100 million expansion feature to finance additional projects beyond the current set of identified projects.

Based in Jersey City, N.J., Soltage develops, finances and operates distributed utility-scale solar assets for commercial, industrial and municipal customers.

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