I'm interested in the interpretation of the solution to the factor analysis problem with a 2-norm equality constraint on the columns of the loadings matrix. I plan to decompose $\mathbf{X}_i \in \mathbb{R}^{d}$ as $\mathbf{E}\mathbf{F}_i + \boldsymbol{\epsilon}_i$, where $\mathbf{E} \in \mathbb{R}^{d \times p}$ is the loadings matrix, $\mathbf{F}_i \in \mathbb{R}^{p}$ are the factors, and $\boldsymbol{\epsilon}_i \in \mathbb{R}^d \sim \mathcal{N}(\mathbf{0}, \mathbf{B})$.
We certainly need some constraint on $\mathbf{E}$ or $\mathbf{F}_i$ to make the parameters identifiable. For example, PCA is simply a factor analysis problem in which the constraint $\mathbf{E}^T\mathbf{E} = \mathbf{I}$ must be satisfied. If I solve for $\mathbf{E}$ and $\mathbf{F}_i$ such that the each column of $\mathbf{E}$ has 2-norm equal to $1$, is there some special interpretation of the factors like there is in PCA (where each factor is independent)? Each column of $\mathbf{E}$ lies on the unit ball, but what implications does that have on the solution?