First Citizens Bancshares Supports Soltage's Solar Expansion with $80 Million Financing Initiative

Financing the Future: First Citizens Bank Fuels Soltage's Solar Expansion

First Citizens Bancshares plays a pivotal role in the renewable energy sector by leading a successful $80 million syndicated development revolver facility for Soltage, a notable independent power producer based in Jersey City, NJ. This financing initiative, which marks Soltage's first significant pre-notice-to-proceed (pre-NTP) funding, aims to bolster the company's growth in solar and energy storage projects across the United States. By financing development-stage expenditures—including interconnection deposits and equipment procurement—First Citizens Bank demonstrates its commitment to supporting sustainable energy solutions and enhancing the operational capacity of its partners in the clean energy landscape.

Soltage, with an impressive portfolio of over 125 developed clean energy projects totaling more than 500 megawatts (MW) of distributed generation capacity, is well-positioned to leverage this new financing. Chaim Grushko, Senior Vice President at Soltage, emphasizes that this milestone reflects the trust and confidence of their banking partners in Soltage's business model. The funding enables Soltage to advance its extensive pipeline of solar and storage assets, ensuring that it continues to provide reliable and cost-effective clean energy solutions to various clients, including communities, utilities, and commercial enterprises.

The partnership between First Citizens Bank and Soltage illustrates a growing trend within the financial sector where banks actively engage in financing initiatives that promote sustainability. Mike Lorusso, Group Head for First Citizens Bank's Energy Finance, expresses enthusiasm about continuing the collaboration, underscoring Soltage’s leadership in developing solar and energy storage initiatives. This strategic financing not only strengthens Soltage's financial resources but also highlights a broader commitment within the banking industry to support the transition towards sustainable energy in key U.S. markets.

In addition to supporting Soltage's growth, this financing initiative reinforces First Citizens Bancshares' position as a critical player in the renewable energy financing sector. As energy demands evolve and the need for sustainable solutions becomes increasingly urgent, the role of financial institutions in facilitating the development of clean energy projects is paramount. This collaboration between First Citizens and Soltage sets a precedent for future financing efforts that can drive innovation and expansion in the renewable energy market.

As the energy landscape continues to shift towards more sustainable practices, the successful closure of this financing facility symbolizes a significant step forward for both Soltage and First Citizens Bank in fostering a cleaner, greener future. For further insights on Soltage and its projects, interested parties can visit their website at www.soltage.com.