SolaREIT, a solar and battery storage real estate investment company, expanded its revolving credit facility to $80 million through an increased commitment from Atlantic Union Bank and its syndication partner, EagleBank. Atlantic Union Bank serves as sole book runner and administrative agent for the facility, leading the structuring and syndication efforts.
This marks the fourth upsize of the facility in three years. The facility provides SolaREIT with additional capital to meet demand from solar and battery energy storage developers.
“We’re thrilled to continue our partnerships with Atlantic Union Bank and EagleBank to provide financing solutions to energy storage and solar developers. This expanded facility demonstrates the financial community’s confidence in our business model and team,” Laura Pagliarulo, CEO and co-founder of SolaREIT, said. “This year is a critical year for developers, and the need for reliable, flexible financing solutions is acute. This increased capital allows us to continue scaling our support for solar and storage projects across the country as developers look to complete projects on an accelerated timeline.”
John Lester, senior vice president and commercial relationship manager at Atlantic Union Bank, said, “This fourth expansion of SolaREIT’s credit facility demonstrates both their excellent execution and the robust demand for solar and storage land financing. We’re proud to continue growing our partnership with a company that’s helping accelerate clean energy deployment through innovative real estate solutions.”
Toby Haggerty, senior vice president and C&I relationship manager at EagleBank, said, “EagleBank is pleased to support SolaREIT as they continue to scale their renewable energy real estate platform. Their approach and established presence in the sector make them a strong partner, and we look forward to continuing to work together.”
