Soltage will utilise the investment for a 110MW solar portfolio of distributed utility-scale solar assets that are located in six states in US


Soltage secured $142m funding from Fifth Third Bank. (Credit: Pixabay/succo)

Independent power producer, Soltage has secured $142m credit facility from Fifth Third Bank, National Association.

The investment will be utilised for a 110MW solar portfolio of distributed utility-scale solar assets that are located in six states in US.

The solar assets are located in Oregon, Illinois, Massachusetts, Rhode Island, North Carolina and South Carolina states.

Soltage chief financial officer Shrips Ilango said: “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.

“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.”

Silicon Valley Bank (SVB) served as joint lead arranger for the financing

For the investment, Fifth Third has acted as administrative agent and lead arranger while Silicon Valley Bank (SVB) served as joint lead arranger.

Fifth Third Bank renewable energy finance group head Eric Cohen said: “Fifth Third is pleased to support a top-tier, reputable company in its efforts to build more distributed utility-scale projects across the country.

“The relationship with Soltage enables us to put our capital to work to benefit many of the markets we serve, as well as the planet as a whole.”

The independent power producer, which is working in partnership with Basalt managed funds, will invest the amount through their Helios capital vehicle, a funding vehicle that was established in July last year.

Helios capital is involved in solar asset investment in the commercial and industrial, utility, community solar, municipal and corporate PPA markets.

Recently, Soltage and Basalt Infrastructure Partners, have entered the Oregon energy market with the acquisition of 40MW solar portfolio from NewSun Energy.

The solar portfolio includes a 10MW facility that began operations last December, while the remaining 30MW is under construction and is expected to enter service this summer.