Independent energy company Tenaska and renewable energy company Soltage have announced that Soltage has received a second multimillion-dollar investment from a Tenaska affiliate that will be used to build up Soltage’s corporate growth.
As part of the deal, Tenaska will maintain a controlling interest in Soltage, with the possibility of investing in new project portfolios in the future. The investment will help spur Soltage’s growth, with the company expected to deploy over US$250 million for around 125MW of solar projects in 2015 and 2016.
Jesse Grossman, co-founder and CEO of Soltage, said: "This funding is both a transformative achievement for Soltage and further evidence solar power is a smart investment for forward-looking utilities and customers, alike.”
David Kirkwood, vice president and treasurer of Tenaska, added: "The past 18 months have shown the strength of Soltage's business plan. This investment and potential follow-on investments will allow Soltage to increase its development velocity in the near term."
Soltage installed more than 60MW of PV capacity in 2014, adding to an overall development portfolio of around 80MW since Tenaska’s first investment in 2008. Tenaska currently manages about 11,000MW of power-generating assets, including 280MW of utility-scale PV projects functioning or under construction.