SolaREIT Expands Revolving Credit Facility to $60 Million with Atlantic Union Bank and EagleBank
Third Upsize in Less Than Two Years Demonstrates Strong Market Confidence: Competitive Cost of Land Capital Benefits Solar and Storage Developers Across the Country
VIENNA, Va., March 13, 2025 /PRNewswire/ -- SolaREIT™, the leading solar and battery storage real estate investment company, announced today the expansion of its revolving credit facility to $60 million through an increased commitment from Atlantic Union Bank (NYSE:AUB) and the syndication to EagleBank (NASDAQ:EGBN). Atlantic Union Bank served as the sole book runner and administrative agent for the facility, leading the structuring and syndication efforts.
This marks the third upsize of the facility in less than two years, reflecting growing confidence in SolaREIT's business model and the increasing demand for solar and storage land financing solutions. The facility provides SolaREIT with additional capital to meet growing demand from solar and battery energy storage developers. The company's innovative financing solutions help developers and landowners maximize the value of their real estate assets while advancing clean energy deployment.
"We're thrilled to be partnering with Atlantic Union Bank and EagleBank to provide financing solutions to clean energy developers. This expanded facility demonstrates the financial community's confidence in our business model and team," said Laura Klein, CFO of SolaREIT. "As the clean energy transition accelerates, developers need reliable, flexible financing solutions. This increased capital allows us to continue scaling our support for solar and storage projects across the country."
"This third expansion of SolaREIT's credit facility demonstrates both their excellent execution and the robust demand for solar and storage land financing," said John Lester, SVP and commercial relationship manager at Atlantic Union Bank. "We're proud to continue growing our partnership with a company that's helping accelerate clean energy deployment through innovative real estate solutions."
"Eagle Bank recognizes the crucial role that innovative financing plays in advancing clean energy development," said Toby Haggerty, SVP and C&I relationship manager at EagleBank. "SolaREIT's unique approach to renewable energy real estate financing makes them an ideal partner, and we're excited to support their continued growth."
Solar and battery storage development require significant real estate investment. SolaREIT partners with developers and landowners to provide capital solutions that optimize land value and support project development. The company's practical, streamlined financing options deliver maximum flexibility based on clients' individual needs, financial goals, and vision for their land.
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.
About Atlantic Union Bank
Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (NYSE:AUB) is the holding company for Atlantic Union Bank. Atlantic Union Bank had 129 branches located throughout Virginia and in portions of Maryland and North Carolina as of December 31, 2024. 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.
About Eagle Bancorp, Inc. and EagleBank
Eagle Bancorp, Inc. is the holding company for EagleBank, which commenced operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and conducts full service commercial banking through 12 offices, located in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace.
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SOURCE SolaREIT