Elevate Renewables, a developer and operator of energy infrastructure, closed a $50 million energy transition supplier finance facility arranged by Rabobank, a cooperative bank and a global company specializing in financing food, agribusiness and energy. The facility will support a large solar and battery energy storage project contracted to power a data center.
This equipment financing approach improves overall project execution.
“This facility is a strategic enabler for how we build in today’s market,” Josh Rogol, CEO of Elevate, said. “By optimizing our cost of capital and aligning incentives across our supply chain, we can move faster, bid more competitively and deliver critical infrastructure where it’s needed most, supporting the next wave of data center growth in the United States.”
The project will provide dispatchable energy capacity to a data center. Elevate is developing and acquiring a portfolio of solar and battery energy storage projects to meet growing electricity needs.
“Energy infrastructure is now directly tied to economic growth,” Rogol said. “Facilities like this don’t just finance projects, they enable speed and competitiveness so we can execute for our customers and investors.”
Cooperatieve Rabobank (New York branch) acted as sole arranger for the transaction and partnered closely with Elevate to structure a supplier finance solution that supports both near-term project execution and the company’s long-term growth strategy.
“Rabobank is an active lender in the energy transition space, and we are committed to supporting our clients across the entire value chain,” Wayne Hu, managing director at Rabobank North America Energy Transition Coverage, said. “We are thrilled to partner with companies like Elevate and look forward to help accelerate energy transition efforts in the region.”
The transaction is the result of a highly collaborative process, with teams working from initial discussions through execution.
“Working with Elevate has been a highly collaborative experience,” Wouter Hazenberg, managing director and head of supplier finance at Rabobank North America, said. “From the early stages of the discussion, Elevate demonstrated a thoughtful and forward-looking approach to supply chain management and project execution. We were pleased to work alongside their team and co-develop a bespoke solution that improves Elevate’s working capital position by financing payables due to equipment suppliers, as well as payables that are due between different Elevate entities.”
