In a significant move towards bolstering renewable energy infrastructure, SolaREIT™, a leading renewable energy real estate investment company, has announced the successful closure of a revolving credit facility with Atlantic Union Bank (AUB). The newly acquired line of credit, valued at $30 million, marks a pivotal step for SolaREIT™ in its mission to scale operations and facilitate the financing of solar and energy storage projects.
This latest financial arrangement with AUB represents the second collaboration between the two entities, following the previous establishment of a $15 million revolving credit facility last year. With this additional financial boost, SolaREIT™ aims to further enhance its innovative financing solutions tailored for solar and battery energy storage system (BESS) developers and landowners.
Laura Klein, Chief Financial Officer of SolaREIT™, expressed enthusiasm about the partnership with Atlantic Union Bank, stating, “We’re thrilled to partner with Atlantic Union Bank again to provide financing solutions to clean energy developers. The financing landscape is evolving for solar and BESS developers quickly, and developers need the financial flexibility that SolaREIT™ can provide. The revolving credit facility with Atlantic Union Bank allows us to continue to expand our offerings to support clean energy projects across the country.”
John Lester, Commercial Relationship Manager at Atlantic Union Bank, commented, “Atlantic Union Bank is committed to providing our clients with solutions that provide the flexibility they need to grow their business. The transformation to clean energy is our collective responsibility, and our partnership with SolaREIT™ will ensure more clean energy projects are funded efficiently.”
The increasing capital requirements associated with solar and BESS development underscore the significance of strategic partnerships like the one between SolaREIT™ and Atlantic Union Bank. SolaREIT™ specializes in collaborating with developers and landowners to offer diverse capital solutions aimed at optimizing the value of solar and battery storage projects on their properties.
