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Atlantic Union Bank Provides $15MM Revolving Credit Facility to SolaREIT

February 01, 2023, 07:41 AM
Filed Under: Real Estate

SolaREIT, a solar real estate investment fund, successfully closed on a revolving credit facility with Atlantic Union Bank (AUB). This line of credit provides the company with an additional $15 million of liquidity, and will allow SolaREIT™ to continue to scale the business and efficiently use its securitization facility established in 2021 with Nuveen/TIAA CREF. SolaREIT™ represents an innovative model in financing solar land, providing solar developers and landowners with robust financing options. The credit facility will allow the company to aggregate land and leases under community solar projects prior to placing them into a securitization facility.

"Solar developers need financial flexibility now more than ever. SolaREIT™ has been offering solar developers real estate financing solutions that provide competitive cost of capital backed by deep industry expertise," said Laura Pagliarulo, President of SolaREIT™. "The revolving credit facility with Atlantic Union Bank compliments our securitization facility with Nuveen/TIAA CREF, further allowing us to scale nationally."

"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," John Lester, Commercial Relationship Manager at Atlantic Union Bank.

SolaREIT™, a minority and women-owned business, provides solar developers and landowners with capital solutions including land purchases, lease purchases, and solar loans that allow landowners to access the full value of their solar land. The company is focused on making investments that support the transformation to a low-carbon economy.

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