1. Soltage closed an $80 million financing facility for growth. 2. First Citizens Bank leads the financing, enhancing its market reputation. 3. The facility supports solar and energy storage project development. 4. Soltage has over 500 MW of clean energy projects completed. 5. This financing signifies confidence from banking partners in Soltage's model.
FAQ
Why Bullish?
This financing indicates First Citizens Bank's commitment to expanding renewable energy solutions, which may increase FCNCA's valuation as sustainability becomes a priority for investors.
How important is it?
The emphasis on financing deals like this enhances First Citizens Bank's positioning in the growing green finance market, increasing investor interest in FCNCA.
Why Long Term?
The ongoing development of Soltage's projects aligns with long-term trends in clean energy, potentially benefiting FCNCA as renewable projects scale-up.
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Soltage Secures $80 Million Development Revolver Facility to Boost Solar and Storage Operations
Soltage, an independent power producer specializing in distributed solar and energy storage, has successfully closed an $80 million syndicated development revolver facility. This financing was facilitated by First Citizens Bank, which served as the sole bookrunner, administrative agent, and coordinating lead arranger, alongside EastWest Bank. The initiative aims to enhance Soltage's ability to manage its extensive solar and storage pipeline across the United States.
Purpose of the Development Revolver Facility
The newly established multi-year revolver is designed to fund development-stage expenditures, including critical interconnection deposits and equipment procurement. This strategic financing will allow Soltage to allocate resources more efficiently as it expands its capabilities in the growing renewable energy market. Notably, this facility represents Soltage's first major pre-notice-to-proceed (pre-NTP) financing vehicle, highlighting the company's enhanced market reputation and financial capacity.
Statements from Company Officials
Chaim Grushko, Senior Vice President at Soltage, commented on this financing milestone: "This financing milestone represents a strong addition to Soltage's financial resources and underscores the confidence our banking partners have in our business model." He also expressed appreciation for the support from First Citizens Bank and EastWest Bank, as well as the efforts of the internal teams that contributed to this achievement.
Mike Lorusso, Group Head for First Citizens Bank's Energy Finance, added: "We are pleased to continue our relationship with Soltage by providing this latest development financing. Soltage is a leader in developing solar and energy storage projects across the U.S., and we are excited to support their continued growth."
Impact on Soltage's Project Development
The financing facility will significantly bolster Soltage's ability to develop solar and energy storage projects across key U.S. markets. This is expected to deliver reliable and cost-effective clean energy solutions to various sectors, including communities, utilities, and commercial and industrial clients.
To date, Soltage has successfully developed more than 125 clean energy projects, totaling over 500 MW of distributed generation capacity. The company maintains a dynamic growth trajectory with a pipeline of solar and storage assets expanding nationwide.
About Soltage
Soltage, headquartered in Jersey City, New Jersey, is a leading independent power producer focused on the development, financing, and operation of distributed utility-scale solar and energy storage assets for utility, commercial, industrial, and municipal customers. With an impressive portfolio of over 125 clean energy projects and more than 500 MW of total distributed generating capacity, Soltage is committed to advancing clean energy solutions across the country.
About First Citizens Bank and EastWest Bank
First Citizens Bank, the parent company of First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. They provide a comprehensive range of banking services focused on building lasting financial strength for personal, business, commercial, and wealth clients.
East West Bank is a publicly traded company (NASDAQ: "EWBC") with over $78 billion in assets as of June 30, 2025. The bank operates over 110 locations across the United States and Asia, delivering financial services aimed at helping customers connect to new opportunities.