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Atlantic Union Bank Closes $30MM Revolving Credit Facility with SolaREIT

February 29, 2024, 08:00 AM
Filed Under: Real Estate

SolaREIT, a renewable energy real estate investment company, 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.

"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.

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