SolaREIT™ Announces $15 Million Revolving Credit Facility with Atlantic Union Bank

Rhea-AI Summary

SolaREIT has closed a $15 million revolving credit facility with Atlantic Union Bank (AUB), enhancing its liquidity for solar development financing. This facility complements SolaREIT's existing securitization partnership with Nuveen/TIAA CREF, enabling efficient land acquisition for community solar projects. President Laura Pagliarulo emphasized the need for financial flexibility in the solar sector, while John Lester from Atlantic Union Bank highlighted their commitment to supporting clean energy initiatives. SolaREIT, a minority and women-owned business based in Vienna, Virginia, focuses on financing solar land, aiming to contribute to a low-carbon economy.

Positive

• SolaREIT secured a $15 million revolving credit facility, improving liquidity.
• The credit facility supports scaling operations and efficient land acquisition for solar projects.
• The partnership with Atlantic Union Bank enhances SolaREIT's capacity to finance clean energy developments.

Negative

• None.

Competitive cost of capital to benefit solar developers across the country

VIENNA, Va., Jan. 31, 2023 /PRNewswire/ -- SolaREIT^™, a solar real estate investment fund, 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 $15 million of liquidity, and will allow SolaREIT^™ to continue to scale the business and efficiently use its securitization facility established in 2021 with Nuveen/TIAA CREF. SolaREIT^™ represents an innovative model in financing solar land, providing solar developers and landowners with robust financing options. The credit facility will allow the company to aggregate land and leases under community solar projects prior to placing them into a securitization facility.

"Solar developers need financial flexibility now more than ever. SolaREIT^™ has been offering solar developers real estate financing solutions that provide competitive cost of capital backed by deep industry expertise," said Laura Pagliarulo, President of SolaREIT^™. "The revolving credit facility with Atlantic Union Bank compliments our securitization facility with Nuveen/TIAA CREF, further allowing us to scale nationally."

"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," John Lester, Commercial Relationship Manager at Atlantic Union Bank.

SolaREIT^™, a minority and women-owned business, provides solar developers and landowners with capital solutions including land purchases, lease purchases, and solar loans that allow landowners to access the full value of their solar land. The company is focused on making investments that support the transformation to a low-carbon economy.

About SolaREIT^™

SolaREIT^™, based in Vienna, Virginia, focuses on making investments in acquiring, developing, and managing climate-friendly solar assets that support the transformation to a low-carbon economy. We aim to provide unique products to clients while generating attractive returns for our investors. 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.

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SOURCE SolaREIT

FAQ

What is the purpose of SolaREIT's $15 million revolving credit facility with AUB?

The facility enhances SolaREIT's liquidity and supports the financing of solar development projects.

How does the credit facility with AUB impact SolaREIT's operations?

It allows SolaREIT to scale its business and efficiently aggregate land for solar projects.

What role does Atlantic Union Bank play in SolaREIT's financing strategy?

Atlantic Union Bank provides the financial flexibility needed for SolaREIT to support clean energy initiatives.

When was the credit facility with Atlantic Union Bank announced?

The credit facility was announced on January 31, 2023.

What type of business is SolaREIT?

SolaREIT is a solar real estate investment fund focused on financing solar land and supporting the transition to a low-carbon economy.