Soltage developing 110-MW national solar project portfolio
Silicon Valley Bank is funding a national portfolio of 110 MW solar projects in six states to be developed by an independent power producer Soltage. Projects are planned for North Carolina, South Carolina, Maine, Illinois, Virginia and Maryland.
“Soltage continues to provide stable investment opportunities for capital providers seeking affordable approaches to sustainable infrastructure investments,” said Sripradha Ilango, CFO of Soltage. “We are excited to continue to bring to market high-quality project portfolios that open the way for businesses, utilities and families to use solar energy and achieve decarbonisation priorities.”
Construction of 10 projects is underway and will be completed in the next three quarters. Customers purchasing electricity from the projects include Investor Owned Utilities purchasing power under the Public Utility Regulatory Policies Act (PURPA) contracts, community solar subscribers and companies purchasing power from the portfolio to meet targets for clean energy and lower energy costs.
Silicon Valley Bank is the sole coordinating primary intermediary of the debt facility with three other banks as lenders. This facility includes an optional $100 million expansion feature to fund additional projects beyond the current set.
“We are at a critical point where financing domestic infrastructure to bring more clean energy online in the United States is paramount,” said Bret Turner, market manager at Silicon Valley Bank. “Our team is proud to partner with Soltage to support these vital carbon-free energy projects in key locations across the country.”
Soltage has invested more than $1 billion in clean energy assets in the United States since its founding in 2005.
News item from Soltage