Soltage secures $260M to expand utility-scale solar buildout | Solar Financing Spotlight
This edition of Solar Financing Spotlight shines on several companies securing loans to expand solar and other renewable energy assets, as well as project acquisitions that are impacting the industry. Soltage leads things off with its latest financing round, while CleanCapital has acquired a portfolio of solar + storage projects on both coasts. Origis Energy, Scale Microgrids and Dimension Energy have also secured financial support. Read on for more details.
Soltage has closed on a $260 million construction and term debt financing facility to support the near-term deployment of solar and storage projects. The company currently has development pipeline in the United States that exceeds 2 GW.
The innovative financing structure includes a revolving construction loan, tax equity bridge loan, and term loan facility, offering Soltage flexible capital to continue developing, building, and operating its growing portfolio of clean energy infrastructure assets.
The facility was structured and led by National Bank of Canada, alongside First Citizens Bank, with BankUnited, Cadence Bank, and Siemens Financial Services joining as joint arrangers. Legal counsel was provided by Foley Hoag LLP on behalf of Soltage, and Norton Rose Fulbright LLP represented the lending syndicate.
“This financing marks Soltage’s continued deployment of innovative financial structures that enable efficient capital investment in domestic energy infrastructure,” said Jesse Grossman, CEO of Soltage. “With the support of National Bank of Canada, First Citizens Bank, and our valued financial partners, this facility will enable construction of the next 250 megawatts of distributed solar and storage projects across our national portfolio.”
CleanCapital acquires 27 MW solar + storage portfolio
CleanCapital has acquired a portfolio of distributed generation assets totaling more than 27 MW of solar capacity and 25 MWh of battery storage across Massachusetts and California.
This portfolio, acquired from Pacifico Energy, comprises two Massachusetts SMART solar and energy storage assets and four behind-the-meter (BTM) solar and energy storage assets located in California. The energy generated from these assets is supplied to local energy subscribers through the MA SMART program and Power Purchase Agreements (PPAs) with MUSH and C&I offtakers. The portfolio includes cutting-edge battery energy storage systems (BESS), positioning CleanCapital at the forefront of grid modernization and flexible energy solutions as energy demand continues to rise.
“The acquisition of this portfolio marks a significant milestone for CleanCapital as we continue to expand our footprint in key U.S. markets and deepen our investment into middle market distributed generation,” said Julia Bell, chief investment officer at CleanCapital. “This not only strengthens our presence in Massachusetts and California, but also further diversifies our assets while deepening our capabilities in managing energy storage, a critical grid-stabilizing asset to achieving energy security.”
Marathon Capital acted as advisor to Pacifico Energy LLC (f/k/a Pacifico Power LLC) on the sale of this co-located solar and storage portfolio.
Origis Energy closes financing for pair of solar projects
Origis Energy completed the successful financial closing of the Wheatland Solar project with MUFG, one of the 10 largest financial groups in the world.
The portfolio financing package supports two major Origis Energy projects. The Wheatland Solar project in Knox County, Indiana, will provide 150 MWac of solar capacity and is slated for completion in the first half of 2026. It is supported by a PPA with CenterPoint Energy. Meanwhile, the Optimist Solar + Storage project in Clay County, Mississippi, will deliver 200 MWac of solar power and 50 MW 4HR of energy storage. This project is expected to be operational by early 2026 and is supported by a PPA with the Tennessee Valley Authority (TVA). The Optimist portion of the MUFG deal closed in late 2024. Origis Energy serves as the developer, owner, and operator for both projects.
“We continue to see unprecedented growth in demand for electricity and look forward to completing this project for CenterPoint and its customers,” said Vikas Anand, CEO of Origis Energy.
MUFG was Coordinating Lead Arranger, Green Loan Coordinator and Administrative Agent, and participating banks included: Associated Bank, CoBank, National Bank of Canada and NatWest, as Joint Lead Arrangers, and Amalgamated Bank and Siemens Financial Services as Lenders.
Latham & Watkins represented Origis Energy in the Wheatland transaction, with Taft Stettinius serving as Local Counsel. Milbank, LLP acted as MUFG’s counsel, with Dentons serving as MUFG’s Local Counsel.
Scale Microgrids surpasses $1B in project financing
Scale Microgrids has closed on $275 million in new project financing, bringing its total financing raised to date to more than $1 billion. KeyBanc Capital Markets, Cadence Bank, and New York Green Bank led this milestone transaction, with additional participating lenders including Investec, Mitsubishi HC Capital America, and Connecticut Green Bank.
This financing will support 140 MW of distributed generation projects, including microgrids, community-scale solar and storage, and battery storage installations. These projects, many of which are already under construction, are spread across states including New York, Pennsylvania, New Jersey, Connecticut, and California.
“This transaction demonstrates the financial strength of our company and the continued importance of financial innovation in distributed energy,” said Julian Torres, chief investment officer Scale Microgrids, a portfolio company of EQT Group.
The financing raised from the participating lenders includes construction loans, tax equity bridge loans, letters of credit, and term loans for projects that will enter commercial operations in 2025 and 2026. Energetic Capital will also provide credit enhancement with a credit insurance policy for the transaction.
Dimension Energy closes $360M financing package
Dimension Energy has secured its largest construction and term financing ever. The company closed on $360 million to support a new 112 MWdc portfolio of 28 community solar projects in New Jersey, Illinois, Delaware, Virginia, Maine, and Pennsylvania.
First Citizens Bank acted as lead debt syndicator, alongside ING, MUFG, National Bank of Canada, Siemens, Cadence, and Comerica. Advantage Capital provided $170 million in tax equity. This portfolio of community solar projects will create at least 500 jobs, as well as workforce development programs from high school through mid-career, creating additional paths to good paying local careers in solar and related trades.
“This financing milestone is a testament to Dimension’s experienced team and our proven track record of execution,” said Rafael Dobrzynski, cofounder and CEO of Dimension.
This close is Dimension’s third major financing this year, on top of $300 million in deals with Nuveen and Deutsche Bank, and the sale of $128M in tax credits to a Fortune 500 buyer. Investors continue to look to community solar in the current policy environment because of the short development and construction timelines, diversified portfolios spread out over multiple markets, and benefits to local energy grids.
“The growth of distributed generation is transforming the energy landscape and empowering communities with greater access to clean energy,” said Neha Mahajan, CRC-IB director. “With this latest financing, Dimension is well-positioned to further scale their operations, solidifying their leadership in the market. We’re grateful for our continued partnership and honored to support their capital-raising efforts.”
CRC-IB acted as the exclusive financial advisor to Dimension. Community solar projects provide power to the more than 50% of individuals who are unable to put solar on their homes or apartments. Dimension’s projects tap into existing infrastructure, generate power where it is needed, and provide low-cost clean electricity to surrounding communities.
