Elevate Renewables Secures $50 Million Finance Facility For Solar And Battery Project
Building Size
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Asset Type
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Closing
Apr 14, 2026
About this deal
AI
Elevate Renewables secured a $50 million Energy Transition Supplier Finance Facility arranged by Rabobank to support a solar and battery energy storage project contracted to power a data center.
Summary of transaction details:
- Deal Type: Energy Transition Supplier Finance Facility
- Transaction Amount: $50,000,000
- Company: Elevate Renewables
- Founder: Eric Cherniss
- Headquarters: Boston, Massachusetts
- Notable Investor: ArcLight Capital Partners
Elevate Renewables is focused on developing and operating energy infrastructure to meet rising electricity demand. The company's strategy includes building a portfolio of solar and storage assets. Recent developments involve the acquisition of the 150 MW/600 MWh Prospect Power Storage asset set for mid-2026 operations, and the selection of the Garden State Reliability Project in New Jersey by the state’s Board of Public Utilities.
Players
Market CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93