Soltage Secures Growth Funding from Prudential Capital Group
Funds to fuel leading independent power producer's continued market expansion and corporate growth
Jun 13, 2019, 11:00 ET
JERSEY CITY, N.J., June 13, 2019 /PRNewswire/ -- Leading independent power producer, Soltage LLC, today announced it has secured a significant investment from Prudential Capital Group, a leading energy investor across traditional and renewable energy asset classes. The funds will be used to drive Soltage's corporate growth, support the acquisition and development of new solar projects and strategic initiatives of the company. This news comes in the midst of a strong year for Soltage, who has already successfully delivered 50 MW of solar power through the construction of various projects across the country.
"We're proud to have a strong investor like Prudential Capital Group join Soltage's story of sustainable growth in the development, financing and ownership of solar assets across the country," said Jesse Grossman, Soltage Founder and CEO. "Our 14-year track record of success, paired with strong partners like Prudential, positions Soltage appropriately to tackle the clean energy deployment opportunities of our decade and beyond."
Established energy and infrastructure investors like Prudential Capital Group are increasingly looking to place capital into stable and low-risk clean energy assets and platforms. The Solar Energy Industry Association (SEIA) and Wood Mackenzie Power & Renewables project that over the next five years more than 70 GW of new PV capacity will be installed in the U.S., requiring an approximate $85 billion investment into the domestic solar infrastructure sector.
"As domestic clean energy investment opportunities continue to expand across the U.S., Prudential Capital Group is pleased to invest in one of the industry's leaders with a proven history of establishing and delivering sustainable and scalable solar infrastructure investments," said Randall Kob, Executive Managing Director at Prudential Capital Group. "We look forward to working with the Soltage team to support the company's growth and expand its footprint nationwide in emerging markets."
Prudential Capital Group is actively looking to invest committed capital into growing and well executed low-risk clean energy assets and platforms. "We admire Soltage's track record, significant growth ambitions and are excited to provide a flexible, one-stop solution for their programmatic development, acquisition and ownership needs," said Parag Patel, Vice President at Prudential Capital Group.
Headquartered in Jersey City, New Jersey, Soltage has over 100 solar projects and more than 300 MW of generation capacity under construction and management across fourteen states. Since its founding in 2005, the company has deployed more than $600 million into solar generation projects. Recently Soltage placed its final investment from capital vehicle Hyperion and will begin deployments from soon-to-be-announced successor capital vehicle with Basalt Infrastructure.
About Soltage
Soltage is a leader in the development, financing, and operation of distributed utility-scale solar assets for commercial, industrial and municipal customers across the United States. Soltage has developed more than 100 solar energy projects with more than 300 MW total distributed generating capacity under construction and management. Soltage is backed by a group of investors including Prudential Capital Group and is headquartered in Jersey City, New Jersey. For more information, visit www.soltage.com
About Prudential Capital
Prudential Capital Group has been a leading provider of private placements, mezzanine debt and equity to companies for more than 75 years. Managing a portfolio of more than $86 billion as of March 31, 2019, Prudential Capital offers senior debt, mezzanine financing, leveraged leases, project financing, credit tenant leases as well as asset financing to companies, worldwide. The global regional office network has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Los Angeles, Mexico City*, Milan, Minneapolis, Newark, New York, Paris, San Francisco and Sydney**. For more information, please visit prudentialcapitalgroup.com.
*Operates through PGIM Real Estate Mexico S.C.
**Operates through PGIM (Australia) Pty Ltd
SOURCE Soltage
