SolaREIT Strengthens Financial Backbone with $60 Million Credit

SolaREIT Expands Revolving Credit Facility to $60 Million

Third Upsize in Less Than Two Years Demonstrates Strong Market Confidence: Competitive Cost of Land Capital Benefits Solar and Storage Developers Across the Country

SolaREIT™, a pioneering real estate investment company specializing in solar and battery storage, has expanded its revolving credit facility to an impressive $60 million. This increase follows commitments from Atlantic Union Bank and EagleBank, showcasing a robust market trust in SolaREIT's innovative approach to renewable energy financing.

This remarkable adjustment represents the third time SolaREIT has upscaled its credit facility in under two years. Such growth signals the rising demand for financial solutions tailored for solar and storage projects, indicating a thriving market. The facility equips SolaREIT with the necessary capital to cater to developers of solar and battery energy storage, helping to fulfill their funding requirements effectively.

SolaREIT's financing solutions stand out in the industry by empowering developers and landowners to capitalize on the value of their assets while promoting clean energy solutions. Laura Klein, CFO at SolaREIT, expressed excitement over the collaboration with both Atlantic Union Bank and EagleBank, stating, "This expanded facility underscores the financial community's confidence in our vision and our team’s capability. As demand for clean energy options grows, we aim to provide flexible, reliable financing that empowers developers to bring their solar and storage projects to fruition."

Atlantic Union Bank, which facilitated the facility as the sole book runner, complements this expansion with a commitment to advancing clean energy developments. John Lester, a senior relationship manager at Atlantic Union Bank, remarked, "This third expansion highlights SolaREIT's stellar execution and the clear demand for land financing solutions. We're honored to continue our partnership with a firm dedicated to transforming the clean energy landscape through innovative real estate financing."

Additionally, EagleBank recognizes the critical importance of offering varied financing options to help foster a more sustainable energy future. Toby Haggerty, a senior vice president at EagleBank, noted, "The unique approach SolaREIT takes towards renewable energy financing makes them an ideal ally, and we are eager to support their ongoing expansion efforts."

With significant real estate investments necessary for solar and battery storage growth, SolaREIT teams up with developers and landowners alike. The company emphasizes providing capital solutions that not only optimize land value but also ensure the efficient execution of projects. Their adaptable financing options are designed to meet the diverse needs and goals of clients in the renewable sector.

About SolaREIT™

SolaREIT™ is a trailblazing renewable energy real estate investment firm focused on creating effective financing options for solar and storage developers. Founded by experts from the clean energy sector, this minority and women-owned business thrives on delivering impactful financing solutions that are vital for expanding the clean energy economy. The team at SolaREIT is deeply committed to enhancing the capabilities of developers and landowners in the solar and battery energy landscape.

About Atlantic Union Bank

Headquartered in Richmond, Atlantic Union Bankshares Corporation (NYSE: AUB) oversees an extensive network of branches throughout the region. This bank prides itself on offering a wide array of financial services, including equipment financing and brokerage services, facilitating their clients' various financial needs effectively.

About EagleBank

EagleBank has been serving its communities since 1998, focusing on enriching relationships with businesses and individuals alike. With offices in Maryland and Northern Virginia, the bank continues to provide comprehensive commercial banking services, emphasizing the importance of community engagement and financial support in their market.

Frequently Asked Questions

What is the recent financial development of SolaREIT?

SolaREIT has expanded its revolving credit facility to $60 million, reflecting strong market confidence and growing demand.

Who are the key financial partners for SolaREIT?

SolaREIT partnered with Atlantic Union Bank and EagleBank to facilitate the expanded credit facility.

What does the expanded credit facility mean for SolaREIT?

The expansion allows SolaREIT to provide more capital to solar and battery energy storage developers, enhancing their financing capabilities.

What is the role of SolaREIT in renewable energy development?

SolaREIT provides financing solutions that help maximize land value and advance clean energy projects across the industry.

How does SolaREIT's approach benefit developers?

By offering flexible and tailored financing options, SolaREIT empowers developers to execute their solar and storage projects efficiently.

About The Author

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