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SolaREIT Expands Revolving Credit Facility to $80 Million with Atlantic Union Bank and EagleBank

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Fourth Upsize in Three Years Demonstrates Strong Market Confidence  Competitive Cost of Land Capital...

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Atlantic Union Bank increased its credit facility for SolaREIT to $80 million. This is SolaREIT's fourth upsize in three years, signaling strong market confidence. The expanded facility supports solar and storage developers with flexible financing. SolaREIT has financed $5 billion in projects since its founding. Demand for storage and solar land financing continues to rise significantly.

Sentiment Rationale

The continued financial support of SolaREIT enhances AUB's position in renewable financing, mirroring previous growth trends following similar expansions. For instance, AUB's stock saw consistent growth with previous support for clean energy initiatives, demonstrating historical positive price response to strategic partnerships.

Trading Thesis

Investment in renewable energy will likely yield long-term benefits aligned with market shifts towards sustainability. Given the rising trend in energy efficiency and sustainability financing, AUB’s involvement can establish it as a leader in this sector over time.

Market-Moving

  • Atlantic Union Bank increased its credit facility for SolaREIT to $80 million.
  • This is SolaREIT's fourth upsize in three years, signaling strong market confidence.
  • The expanded facility supports solar and storage developers with flexible financing.

Key Facts

  • Atlantic Union Bank increased its credit facility for SolaREIT to $80 million.
  • This is SolaREIT's fourth upsize in three years, signaling strong market confidence.
  • The expanded facility supports solar and storage developers with flexible financing.
  • SolaREIT has financed $5 billion in projects since its founding.
  • Demand for storage and solar land financing continues to rise significantly.

Companies Mentioned

  • EGBN (EGBN)

Corporate Developments

The commitment to renewable energies like solar and battery storage positions AUB favorably in a growing market, reflecting its proactive approach to evolving financial needs in clean technology, which is becoming ever more critical in investment portfolios.

SolaREIT Expands Revolving Credit Facility to $80 Million with AUB

SolaREIT™, a leading real estate investment trust focused on solar and battery storage, has announced a significant expansion of its revolving credit facility to $80 million. This increase comes through an enhanced commitment from Atlantic Union Bank (NYSE: AUB) and their syndication partner, EagleBank (NASDAQ: EGBN). The expansion marks the fourth increase of this financial facility in just three years, underscoring the growing confidence in SolaREIT's business model and its commitment to financing solar and battery energy storage projects.

Strengthening Financial Backing for Clean Energy Projects

The expanded credit facility provides SolaREIT with crucial financial resources to support the increasing demand for real estate financing from solar and battery energy storage developers across the country. SolaREIT's innovative financing solutions aim to help clients optimize the value of their real estate assets while simultaneously promoting the deployment of clean energy technologies.

  • Facility Amount: Increased to $80 million
  • Number of Expansions: Fourth upsize in three years
  • Primary Lender: Atlantic Union Bank (NYSE: AUB)
  • Syndication Partner: EagleBank (NASDAQ: EGBN)
  • Capital Provided: Over $5 billion in projects financed since inception

Expert Insights on the Expansion

Laura Pagliarulo, CEO and Co-founder of SolaREIT, expressed enthusiasm about the partnerships with Atlantic Union Bank and EagleBank. She stated, “This expanded facility demonstrates the financial community's confidence in our business model and team. This year is a critical year for developers, and the need for reliable, flexible financing solutions is acute.”

John Lester, Senior Vice President and commercial relationship manager at Atlantic Union Bank, remarked, “This fourth expansion of SolaREIT's credit facility demonstrates both their excellent execution and the robust demand for solar and storage land financing." He added that they are pleased to continue supporting a company that accelerates clean energy deployment through innovative real estate solutions.

The Importance of Flexible Financing in Renewable Energy

The ongoing demand for energy storage and solar development necessitates significant investments in real estate. SolaREIT partners with developers and landowners to provide tailored capital solutions that maximize land value and foster project development. The company's streamlined financing options offer maximum flexibility, aligning with clients' financial goals and visions for their properties.

As a minority and women-owned business founded in 2020, SolaREIT is committed to building a sustainable future through renewable energy financing. With a proven track record in finance and project development, SolaREIT aims to play a pivotal role in expanding the clean energy economy.

About Atlantic Union Bank and EagleBank

Atlantic Union Bank, headquartered in Richmond, Virginia, serves as the holding company for Atlantic Union Bankshares Corporation (NYSE: AUB). The bank operates branches across Maryland, Virginia, and parts of North Carolina, offering diverse financial services, including equipment financing and brokerage services.

Established in 1998, EagleBank operates as the holding company for Eagle Bancorp, Inc. and is based in Bethesda, Maryland. The bank focuses on developing strong relationships with businesses and individuals across the region through its twelve full-service commercial banking offices.

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