In one of three recent financing announcements, Soltage, a New Jersey-based independent power producer, closed a $260 million construction and term debt financing facility. Soltage develops, finances, and operates distributed utility-scale solar and energy storage assets and has completed over 125 clean energy projects with a combined capacity exceeding 500 MW. The company also holds a project pipeline of over 2 GW across the U.S.
The financing package includes a revolving construction loan, tax equity bridge loan, and term loan facility, enabling Soltage to continue building and operating solar assets. The facility was structured and led by the National Bank of Canada and First Citizens Bank, with participation from BankUnited, Cadence Bank, and Siemens Financial Services as joint arrangers. Legal counsel was provided by Foley Hoag LLP for Soltage and Norton Rose Fulbright LLP for the lenders.
In a separate transaction, Origis Energy secured financing for its Wheatland solar project in Knox County, Indiana. Wheatland, a 150 MW solar development, is part of a $530 million portfolio financing that also includes the Optimist Solar and Storage Project in Mississippi, which will deliver 200 MW of solar and 50 MW/200 MWh of energy storage to Clay County.
MUFG, one of the world’s largest financial groups, served as coordinating lead arranger, green loan coordinator, and administrative agent for the Wheatland financing. Joint lead arrangers included Associated Bank, CoBank, National Bank of Canada, and NatWest. Amalgamated Bank and Siemens Financial Services also participated as lenders. Latham & Watkins represented Origis Energy, with Taft Stettinius providing local counsel. MUFG was advised by Milbank LLP, with Dentons as local counsel.
The third deal involves rPlus Energies, which secured over $500 million in tax equity investment for its Green River Energy Center project in Emery, Utah. Scheduled for completion in 2026, the project will contribute 400 MW of solar and 400 MW/1,600 MWh of battery energy storage to the Utah grid. Power and grid services will be supplied to PacifiCorp under a long-term agreement.
rPlus Energies noted that the project is expected to generate more than $55 million in direct economic benefits for Emery County over the next two decades. The company previously closed over $1 billion in construction debt financing for the project. Legal support was provided by Norton Rose Fulbright, CCA, and Dorsey & Whitney for rPlus Energies, while Sidley Austin and Snell & Wilmer represented RBC and the tax equity syndicate.
These deals reflect continued momentum in solar development, with strong institutional backing and long-term infrastructure planning.
