Elevate Renewables, a developer and operator of energy infrastructure, has closed a $50 million Energy Transition Supplier Finance Facility arranged by Rabobank to support a large solar and battery energy storage project contracted to power a data center.
The equipment financing facility is designed to enhance Elevate’s supply chain resilience, improve project execution, and allow the company to move more competitively in the market as electricity demand from data centers continues to grow.
Rabobank structured the facility as a Supplier Finance solution, financing payables due to equipment suppliers and between different Elevate entities, improving the company’s overall working capital position.
“By optimizing our cost of capital and aligning incentives across our supply chain, we can move faster, bid more competitively, and deliver critical infrastructure where it’s needed most, supporting the next wave of data center growth in the United States,” said Josh Rogol, CEO of Elevate, in a statement.
The financing builds on recent momentum for the company. In January, Elevate acquired the 150 MW/600 MWh Prospect Power Storage facility in Rockingham County, Virginia, the largest standalone battery storage asset in the PJM Interconnection, which is currently under construction and scheduled to begin operations in mid-2026.
In March, the New Jersey Board of Public Utilities selected Elevate’s Garden State Reliability Project, a 150 MW/600 MWh battery storage facility to be developed at the Bergen Generating Station in Ridgefield, New Jersey.
Wayne Hu, Managing Director at Rabobank North America Energy Transition Coverage, added, “Rabobank is an active lender in the energy transition space, and we are committed to supporting our clients across the entire value chain.ā
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