SolaREIT locks USD 30m in debt to grow solar, storage offerings

Solar and storage real estate investment firm SolaREIT has closed a USD-30-million (EUR 27.7m) debt funding deal with Atlantic Union Bank (AUB) to scale up its business and expand its product offerings.

The fresh capital will come from a revolving credit line, according to a recent press statement.

Set up in 2020 and based in Virginia, SolaREIT is focused on investing in and leasing land related to solar and battery storage developments, as well as on the provision of land loans. The newly raised capital will help the company expand its financing solutions for solar and energy storage projects.

"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.

Last September, SolaREIT secured a USD-250-million investment from AB CarVal to grow its platform. The latest financing arrangement with AUB comes on the heels of another deal with the same lender that provided the renewables-focused real estate company with a USD-15-million revolving credit facility.

(USD 1.0 = EUR 0.922)

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