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Foley Hoag Represents Soltage in $70 Million Equity Capital Partnership with Basalt Infrastructure Partners

December 02, 2016

Foley Hoag recently advised Soltage, LLC in the closing of the first $70 million of a targeted $140 million equity capital partnership with Basalt Infrastructure Partners. The two companies intend to close on the next $70 million in the first half of 2017. The funding is expected to build 100 MW of utility and commercial and industrial (C&I) scale solar projects across North America.

In addition, Soltage and Basalt announced that construction has begun on three solar PV projects on landfills in Massachusetts totaling 15 MW, which the partnership will own and Soltage will operate. These projects will provide power to municipalities in the state under virtual net metering arrangements.

Headquartered in Jersey City, New Jersey, Soltage is a leader in the development, financing, and operation of utility-scale solar power systems for commercial, industrial and municipal customers across the U.S. The company currently owns and operates more than 85 MW of solar projects in eight states, and has deployed more than $250 million of capital since 2006.

Foley Hoag attorneys Mark Barnett, Jonathan Book, Sara Mattern, Nick Romanos and Adam Wade advised Soltage in the transaction.