Soltage Closes $80 Million Syndicated Development Revolver Facility to Accelerate Solar & Storage Deployment
MWN-AI** Summary
Soltage, a prominent independent power producer in the renewable energy sector, has successfully secured an $80 million syndicated development revolving credit facility. This financing, primarily led by First Citizens Bank and EastWest Bank, aims to bolster Soltage's significant pipeline of solar and energy storage projects, totaling over 2 gigawatts (GW) across the United States.
This new multi-year credit facility is intended to cover development-stage expenses such as interconnection deposits and equipment procurement. By enhancing its capital efficiency, Soltage aims to accelerate the rollout of its clean energy solutions designed for communities, utilities, and commercial and industrial clients. This marks Soltage's inaugural pre-notice-to-proceed (pre-NTP) financing initiative, illustrating its strengthened market standing and the growing confidence of banking partners in its business model.
Chaim Grushko, Soltage’s Senior Vice President, highlighted the importance of this financing milestone, expressing gratitude towards the bank partners for their support and recognizing the efforts of the internal teams that made this opportunity possible. Mike Lorusso, Group Head for First Citizens Bank’s Energy Finance, echoed this sentiment, underscoring Soltage's leadership in developing solar and storage projects across the nation.
Since its inception, Soltage has developed more than 125 renewable energy projects, achieving a cumulative distributed generation capacity exceeding 500 megawatts (MW). The company's ability to expand its footprint and tackle the growing demand for clean energy solutions positions it favorably in the evolving energy landscape. Headquartered in Jersey City, New Jersey, Soltage continues to pave the way for sustainable energy advancements in the U.S.
MWN-AI** Analysis
Soltage’s recent closure of an $80 million syndicated development revolver facility signifies a pivotal moment in their strategy to enhance solar and energy storage deployment across the U.S. This financing arrangement, facilitated by First Citizens Bank and EastWest Bank, positions Soltage to further capitalize on its growing pipeline, which boasts over 2 gigawatts (GW) of solar and storage projects.
From an investment perspective, this deal underscores Soltage's solidified financial health and emerging industry stature. By utilizing this revolver financing to cover development-stage expenditures like interconnection deposits and equipment procurement, Soltage demonstrates prudency in leveraging capital while advancing its project pipeline. This strategic approach not only reinforces investor confidence but may also attract additional funding avenues, subsequently escalating growth potential.
Soltage’s impressive track record of more than 125 clean energy projects with a collective capacity exceeding 500 MW showcases its operational prowess. Analysts should closely monitor how effectively Soltage channels this newfound capital to accelerate project timelines and how this impacts their market share against competitors in the renewable energy space.
Importantly, as governments and private sectors increasingly prioritize clean energy solutions, companies such as Soltage are well-positioned to meet rising demand. For investors, this could mean a robust growth trajectory, especially as broader market sentiments shift favorably towards sustainable energy initiatives.
Potential investors should consider establishing or increasing positions in Soltage, given the company's enhanced financial maneuverability and strong growth outlook. Furthermore, watching for updates regarding project completion and further collaboration with banking partners will be crucial for assessing Soltage's continued ascent in the renewable energy landscape.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Soltage Closes $80 Million Syndicated Development Revolver Facility to Accelerate Solar & Storage Deployment
PR Newswire
Financing to Support Growth from 2+ GW Solar and Storage Pipeline
JERSEY CITY, N.J., Dec. 16, 2025 /PRNewswire/ -- Soltage, a leading independent power producer developing, financing and operating distributed solar and energy storage assets across the U.S., today announced the closing of an $80 million syndicated development revolver facility. The facility is led by First Citizens Bank as sole bookrunner, administrative agent and coordinating lead arranger and EastWest Bank as coordinating lead arranger.
The new multi-year revolver is intended to finance development-stage expenditures — including interconnection deposits and equipment procurement — enabling Soltage to deploy capital efficiently across its growth pipeline. This marks Soltage's first major pre-notice-to-proceed (pre-NTP) financing vehicle, underscoring the company's strengthened market reputation and expanded financial capacity.
"This financing milestone represents a strong addition to Soltage's financial resources and underscores the confidence our banking partners have in our business model," said Chaim Grushko, Senior Vice President at Soltage. "We are grateful to First Citizens Bank and EastWest Bank for their support, and to the internal teams whose efforts brought this to fruition."
"We are pleased to continue our relationship with Soltage by providing this latest development financing," said Mike Lorusso, Group Head for First Citizens Bank's Energy Finance. "Soltage is a leader in developing solar and energy storage projects across the U.S. and we are excited to support their continued growth."
The facility will support Soltage's development of solar and energy storage projects across key U.S. markets, helping deliver reliable and cost-effective clean energy solutions to communities, utilities, and commercial and industrial clients.
Soltage has developed more than 125 clean energy projects totaling over 500 MW of distributed generation capacity. The company continues to expand its footprint nationwide with a growing pipeline of solar and storage assets.
About Soltage
Soltage is a leading Independent Power Producer focused on the development, financing, and operation of distributed utility-scale solar and storage assets for utility, commercial, industrial, and municipal customers across the United States. Soltage has developed more than 125 clean energy projects totaling more than 500 MW total distributed generating capacity. Soltage is headquartered in Jersey City, New Jersey. For more information, visit www.soltage.com.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.
About EastWest Bank
East West Bank provides financial services that help customers reach further and connect to new opportunities. East West Bancorp, Inc. is a public company (Nasdaq: "EWBC") with total assets of more than $78 billion, as of June 30, 2025. The company's wholly owned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, and operates over 110 locations in the United States and Asia. The Bank's markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas and Washington. For more information on East West, visit www.eastwestbank.com.
SOURCE Soltage
FAQ**
How does the $80 million revolving facility from First Citizens BancShares Inc. Class A Common Stock FCNCA enhance Soltage's capacity to finance its growing pipeline of solar and storage projects?
What specific projects or expenditures will Soltage prioritize using the development revolver facility provided by First Citizens BancShares Inc. Class A Common Stock FCNCA?
In what ways does Soltage plan to leverage its enhanced financial reputation after receiving support from First Citizens BancShares Inc. Class A Common Stock FCNCA for its development activities?
How does the involvement of First Citizens BancShares Inc. Class A Common Stock FCNCA and EastWest Bank signal confidence in Soltage’s business model and its future prospects in the solar and storage market?
**MWN-AI FAQ is based on asking OpenAI questions about First Citizens BancShares Inc. Class A Common Stock (NASDAQ: FCNCA).
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