SolaREIT expands credit facility to $80 million with two banks

SolaREIT expanded its revolving credit facility to $80 million through increased commitments from Atlantic Union Bank (NYSE: AUB) and EagleBank (NASDAQ: EGBN), the renewable energy real estate investment company announced January 12.

Atlantic Union Bank serves as sole book runner and administrative agent for the facility, with EagleBank as syndication partner. This represents the fourth expansion of the facility in three years.

The Vienna, Virginia-based company provides financing solutions for solar and battery energy storage developers. SolaREIT has provided real estate financing for land under $5 billion in projects since its founding in 2020.

"This year is a critical year for developers, and the need for reliable, flexible financing solutions is acute," said Laura Pagliarulo, CEO and Co-founder of SolaREIT. "This increased capital allows us to continue scaling our support for solar and storage projects across the country as developers look to complete projects on an accelerated timeline."

John Lester, SVP and commercial relationship manager at Atlantic Union Bank, said the expansion demonstrates both SolaREIT's execution and robust demand for solar and storage land financing.

Toby Haggerty, SVP and C&I Relationship Manager at EagleBank, said the bank is pleased to support SolaREIT as it scales its renewable energy real estate platform.

SolaREIT describes itself as a minority and women-owned business founded by clean energy industry veterans. The company partners with developers and landowners to provide capital solutions for energy storage and solar development projects.

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