SolaREIT™ Announces New $30 Million Revolving Credit Facility with Atlantic Union Bank

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Feb 28, 2024, 10:30 ET

New Facility Represents Second Partnership: Competitive Cost of Capital Benefits Solar and Storage Developers Across the Country

VIENNA, Va., Feb. 28, 2024 /PRNewswire/ -- SolaREIT™, a renewable energy real estate investment company, announced today that they 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.

Solar and BESS development are increasingly capital-intensive. SolaREIT™ partners with developers and landowners to provide a range of capital solutions to maximize the value of solar or battery storage development on their land. The company's practical, streamlined options for financing solar and storage land deliver unparalleled flexibility based on clients' individual needs, financial goals, and vision for their land.

For more information: https://www.solareit.com

About SolaREIT™

SolaREIT™, based in Virginia, is an innovative renewable energy real estate company focused on delivering financing solutions for solar and battery energy storage developers. SolaREIT, a minority and women-owned business, was founded in 2020 as a Real Estate Investment Trust (REIT) by clean energy industry veterans with a proven track record in finance, project development, real estate, and community solar. The team is passionate about renewable energy and believes that solar and battery energy storage land financing plays a critical role in expanding the clean energy economy.

For more information, please visit www.solareit.com.

About Atlantic Union Bank

Headquartered in Richmond, Virginia, Atlantic Union Bank is the wholly owned subsidiary of Atlantic Union Bankshares Corporation (Nasdaq: AUB). Atlantic Union Bank offers a wide range of financial services to commercial and retail clients and operates 114 branches and approximately 130 ATMs located throughout Virginia, and in portions of Maryland and North Carolina. Certain non-bank financial services affiliates of Atlantic Union Bank include: Atlantic Union Equipment Finance, Inc., which provides equipment financing; Atlantic Union Financial Consultants, LLC, which provides brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products.

SOURCE SolaREIT