Foley Hoag Congratulates Client Soltage for Recent Financing Deal
Boston, MA - December 17, 2008
Foley Hoag congratulates its client Soltage LLC, a full service renewable energy company that develops and operates solar energy stations on client sites across the U.S., on its recent equity financing with Tenaska, Inc., one of the nation’s largest privately-held energy companies. The infusion of capital will allow Soltage to expand the development and use of solar-generated electricity.
Soltage, based in Jersey City, New Jersey, is one of the leading companies in the fast-emerging “solar PPA provider” space. Formed in 2006, the company develops finances, owns and operates solar photovoltaic projects on customer sites throughout the U.S., including commercial and industrial, municipal and commercial real estate properties as well as at traditional utility companies. The host customers allow the system to be built and maintained on their property and commit to purchasing the power generated by the project on a long-term basis. Soltage is capable of supplying a significant portion of long-term energy needed by its clients at below-retail costs.
Soltage’s photovoltaic solar systems, called Soltage Powerstations, are installed on the rooftops and property of its customers. The Powerstation converts sunlight into energy, which helps meet or exceed peak demand for electricity. Customers pay a fixed, discounted rate to Soltage under a long-term agreement, and any electricity that exceeds the customer's needs is sold back to the local utility, which applies a credit to the customer's bill. Soltage also operates and maintains the Powerstation.
Foley Hoag lawyers Mark Barnett, Earl Mellott, Kevin Nolan and Peter Rosenblum handled the transaction. Nicola Lemay and Rick Shaul-Yoder provided tax advice.
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CATEGORIES
Energy Technology and Renewables, Venture Capital & Emerging Companies, Corporate Finance and Securities