East West Bancorp Supports Soltage's $80 Million Solar and Energy Storage Expansion

Soltage Secures $80 Million Financing to Propel Solar and Energy Storage Growth

Soltage, a leading independent power producer based in Jersey City, NJ, announces the successful closure of an $80 million syndicated development revolver facility designed to finance its expansion in solar and energy storage projects throughout the United States. This notable financing effort is spearheaded by First Citizens Bank, which acts as the sole bookrunner, with EastWest Bank serving as a coordinating lead arranger. The funds will primarily be allocated toward development-stage expenditures, including interconnection deposits and equipment procurement, marking a pivotal moment in Soltage's growth trajectory.

This financing represents Soltage's inaugural pre-notice-to-proceed (pre-NTP) funding, underscoring the firm’s bolstered market reputation and enhanced financial capacity. Chaim Grushko, Senior Vice President at Soltage, emphasizes the significance of this milestone, noting the strong confidence exhibited by their banking partners in Soltage's business model. With over 125 developed clean energy projects and a combined capacity of more than 500 MW of distributed generation, Soltage is strategically positioned to leverage this new financial backing to expand its diverse pipeline of solar and energy storage initiatives.

The financing not only strengthens Soltage's financial resources but also affirms its commitment to providing reliable and cost-effective clean energy solutions to a wide range of clients, including communities, utilities, and commercial enterprises. Mike Lorusso, Group Head for First Citizens Bank's Energy Finance, expresses enthusiasm about continuing the partnership with Soltage, highlighting the company's leadership role in advancing solar and energy storage solutions. This strategic financing effort is poised to enhance Soltage's operational capabilities and contribute to the broader shift towards sustainable energy practices across key U.S. markets.

In addition to this financing achievement, Soltage's growth trajectory reflects the increasing demand for renewable energy solutions in the U.S. As the energy landscape evolves, companies like Soltage play a critical role in delivering innovative energy solutions that align with national sustainability goals. The successful closure of the financing facility positions Soltage to address the rising energy needs while contributing to a cleaner environmental footprint.

With this latest funding, Soltage stands ready to capitalize on emerging opportunities within the renewable energy sector, reinforcing its status as a significant player in the energy market. The company's proactive approach in securing financial resources to support its projects bodes well for its future endeavors and commitment to sustainable energy development.