Intersect Power Secures $837 Million in Project Financing

SolaREIT, a renewable energy real estate investment company, closed a revolving credit facility of $30 Million with Atlantic Union Bank (AUB). This debt funding will allow the company to continue scaling the business and expanding financing solutions for solar and storage developers and landowners.

It is the second revolving credit facility the partners have closed with AUB. The first was a $15 million facility announced last year.

“We’re thrilled to be partnering with Atlantic Union Bank again to provide financing solutions to clean energy developers. The financing landscape is evolving for solar and battery energy storage systems (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.”

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 recently launched capital solutions for energy storage developers, offering land purchases, lease purchases, and battery storage land loans to BESS developers across the U.S.

“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.

According to Mercom’s Q4 and Annual Solar Funding and M&A report, In 2023, announced debt financing came to $20 billion, 67% higher compared to $12 billion in 2022 and the highest amount raised since 2010. Securitization activity was a key contributor, with $3.4 billion in 11 deals.

Greenalia, a Spanish developer of renewable power projects, recently secured $200 million of three-year credit facilities to support the development of its 1.9 GW solar and wind ERCOT renewables pipeline in the U.S.  Greenalia Power US (the “Borrower”) is a subsidiary of Greenalia that acquires, develops, constructs, and operates utility-scale solar, wind and energy storage projects in the U.S.