Virginia-based solar real estate investment firm SolaREIT has closed on a $15 million revolving credit facility with Atlantic Union Bank (AUB). This line of credit provides the company with additional finances to continue grow its business and to 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.
The company is a minority and women-owned business that 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.
“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.”
Headquartered in Richmond, Virginia, Atlantic Union Bank is the wholly owned subsidiary of Atlantic Union Bankshares Corp.
“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.
— Solar Builder magazine