New Facility Represents Second Partnership: Competitive
Cost of Capital Benefits Solar and Storage Developers Across the
Country
VIENNA,
Va., Feb. 28, 2024 /PRNewswire/ --
SolaREIT™, a renewable energy real estate investment
company, announced today that they successfully closed on a
revolving credit facility with Atlantic Union Bank (AUB). This line
of credit provides the company with an additional $30 million of liquidity and will allow
SolaREIT™ to continue to scale the business and expand
financing solutions for solar and storage developers. It is the
second revolving credit facility the partners have closed with AUB—
the first was a $15 million facility
announced last year. SolaREIT™'s innovative financing model
provides solar and battery energy storage solution (BESS)
developers and landowners with robust financing options.
SolaREIT™ announced today that they
successfully closed on a revolving credit facility with Atlantic
Union Bank.
"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," said Laura
Klein, CFO of SolaREIT™. "The revolving credit
facility with Atlantic Union Bank allows us to continue to expand
our offerings to support clean energy projects across the
country."
"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," said John Lester, Commercial Relationship Manager at
Atlantic Union Bank.
Solar and BESS development are increasingly capital-intensive.
SolaREIT™ partners with developers and landowners to provide a
range of capital solutions to maximize the value of solar or
battery storage development on their land. The company's practical,
streamlined options for financing solar and storage land deliver
unparalleled flexibility based on clients' individual needs,
financial goals, and vision for their land.
For more information: https://www.solareit.com
About SolaREIT™
SolaREIT™, based in Virginia, is an innovative renewable energy
real estate company focused on delivering financing solutions for
solar and battery energy storage developers. SolaREIT, a minority
and women-owned business, was founded in 2020 as a Real Estate
Investment Trust (REIT) by clean energy industry veterans with a
proven track record in finance, project development, real estate,
and community solar. The team is passionate about renewable energy
and believes that solar and battery energy storage land financing
plays a critical role in expanding the clean energy
economy.
For more information, please
visit www.solareit.com.
About Atlantic Union Bank
Headquartered in Richmond,
Virginia, Atlantic Union Bank is the wholly owned subsidiary
of Atlantic Union Bankshares Corporation (Nasdaq: AUB). Atlantic
Union Bank offers a wide range of financial services to commercial
and retail clients and operates 114 branches and approximately 130
ATMs located throughout Virginia,
and in portions of Maryland and
North Carolina. Certain non-bank
financial services affiliates of Atlantic Union Bank include:
Atlantic Union Equipment Finance, Inc., which provides equipment
financing; Atlantic Union Financial Consultants, LLC, which
provides brokerage services; and Union Insurance Group, LLC, which
offers various lines of insurance products.
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SOURCE SolaREIT