The fresh investment will support Soltage’s corporate equity growth and its investment program in new distributed solar photovoltaic (PV) generation projects.
As per the deal, Tenaska will have a controlling stake in Soltage and the company could make further investment on Soltage’s new projects in future.
Soltage plans to invest $250m to develop about 125MW of solar PV projects by the end of 2016.
Soltage co-founder and CEO Jesse Grossman said: "This funding is both a transformative achievement for Soltage and further evidence solar power is a smart investment for forward-looking utilities and customers, alike."
Tenaska vice president and treasurer David Kirkwood said: "This investment and potential follow-on investments will allow Soltage to increase its development velocity in the near term."
Soltage develops, finances, installs, owns and operates solar electric generating stations as well as provides electricity to commercial, industrial, educational, utility and municipal customers under long-term contracts.
Tenaska has approximately 11,000MW of power generating assets, which include 280MW of utility-scale PV projects operating or under construction.
