Soltage, an independent power producer, announced that it received $142M from Fifth Third Bank in senior construction-to-term credit facility to fund a 110-MW solar portfolio of distributed utility-scale solar assets in six states: Oregon, Illinois, Massachusetts, Rhode Island, North Carolina and South Carolina.
Soltage develops, finances, and operates utility-scale solar assets for commercial, industrial, and municipal customers across the U.S.
Fifth Third served as administrative agent and lead arranger alongside Silicon Valley Bank, which served as joint lead arranger on the investment. Soltage, working in partnership with Basalt managed funds, is deploying this investment through its previously established Helios capital vehicle.
“We are pleased to be working with Fifth Third and SVB on this portfolio of assets which will deliver low cost solar power to our customers, who now include power consumers in Oregon and Illinois,” said Shrips Ilango, Soltage Chief Financial Officer. “This transaction represents an expansion of our partnership with Fifth Third and further demonstrates the quality and bankability of a diverse portfolio of distributed solar assets to institutional investors.”