Elevate Renewables, a developer and operator of energy infrastructure, announced the close of a $50 million Energy Transition Supplier Finance Facility arranged by Rabobank to support a large-scale solar and battery storage project powering a data center.
The financing is designed to enhance project competitiveness, improve supply chain resilience, and accelerate execution timelines. The project will deliver reliable, dispatchable energy capacity to meet growing electricity demand driven by the expansion of data centers and digital infrastructure.
Rabobank acted as sole arranger for the transaction, structuring a supplier finance solution that supports both near-term project execution and Elevate’s long-term growth strategy. The facility also improves working capital by financing payables to equipment suppliers and between project entities.
Elevate is building a portfolio of solar and battery storage assets to address increasing energy demand from electrification and emerging technologies. Recent developments include the acquisition of the 150 MW / 600 MWh Prospect Power Storage project in the PJM Interconnection, as well as selection of its Garden State Reliability Project under New Jersey’s energy storage program.
The financing reflects the growing linkage between energy infrastructure and economic growth, particularly as data centers require scalable and reliable power solutions.
KEY QUOTES:
“This facility is a strategic enabler for how we build in today’s market. 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.”
“Energy infrastructure is now directly tied to economic growth. Facilities like this don’t just finance projects, they enable speed and competitiveness so we can execute for our customers and investors.”
Josh Rogol, Chief Executive Officer, Elevate Renewables
“Rabobank is an active lender in the energy transition space, and we are committed to supporting our clients across the entire value chain. We are thrilled to partner with companies like Elevate and look forward to help accelerate energy transition efforts in the region.”
Wayne Hu, Managing Director, Rabobank North America Energy Transition Coverage
“Working with Elevate has been a highly collaborative experience. From the early stages of the discussion, Elevate demonstrated a thoughtful and forward–looking approach to supply chain management and project execution. We were pleased to work alongside their team and co-develop a bespoke solution that improves Elevate’s working capital position, by financing payables due to equipment suppliers, as well as payables that are due between different Elevate entities.”
Wouter Hazenberg, Managing Director and Head of Supplier Finance, Rabobank North America
