Soltage LLC, a leading independent renewable power producer, and Silicon Valley Bank, an innovative bank active in the renewable energy and technology sector, has raised a $130M debt facility led by Silicon Valley Bank. The investment will finance a 110 MW 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 ten 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.
Silicon Valley Bank is the Sole Coordinating Lead Arranger of the debt facility with three other banks included as lenders. This facility includes an optional $100M expansion feature to finance additional projects beyond the current set of identified projects. This announcement marks the latest development for the Soltage Iris capital vehicle, following Soltage and Harrison Street’s $250M commitment in March 2021 to deliver 450 MW of new solar, solar+storage and standalone storage development across the United States.
“Soltage continues to provide stable investment opportunities for capital providers who are looking for bankable approaches to sustainable infrastructure investment,” said Sripradha Ilango, Soltage CFO. “We are pleased to continue to bring to market high quality project portfolios that open avenues for corporations, utilities and families to adopt solar power and achieve decarbonization priorities.”
“We are at a critical point where funding domestic infrastructure to bring more clean energy online in the United States is of the utmost importance,” said Bret Turner, Market Manager at Silicon Valley Bank. “Our team is proud to work with Soltage to support building these essential zero carbon energy projects in key locations across the country.” This announcement is part of a continued movement of mainstream investors looking to solar and other renewable infrastructure assets for long-term investment opportunities. Soltage has deployed over $1B into clean energy assets across the US since its founding in 2005.