Le Lézard
Classified in: Environment
Subjects: Contract/Agreement, Product/Service

Sol-REIT Secures a Warehouse Credit Facility Led by Amerant Bank to Support Clean Energy Developers


Sol-REIT, which is revolutionizing clean energy financing through innovative construction-to-permanent loans leveraging a mortgage REIT model, has secured a substantial credit facility with a leading financial institution committed to environmental change.

The agreement with Amerant Bank, the largest community bank in Florida, will allow Sol-REIT to deploy cost-effective capital to support small and medium-sized solar developers to finance renewable energy projects in communities everywhere, including historically underserved areas.

"By securing a warehouse facility with a major regional bank, we're able to provide small to medium-sized solar developers with access to capital and proliferate the access to clean energy for many households and businesses across the country," said Mark Settles, CEO of Sol-REIT.

The Amerant Bank facility will provide Sol-REIT the ability to expeditiously execute its expansive pipeline of over $800 million and 400 megawatts of solar power. Sol-REIT is financing individual solar projects with an average loan size of $5 million to $50 million.

"Amerant is committed to offering products and services that help our communities and customers address the unique impacts of climate change," said Jerry Plush, Amerant Vice Chairman and CEO.

Sol-REIT has structured an extremely compelling mortgage product for middle-market solar developers. Historically, solar financing has been inefficient, which is why Sol-REIT is changing the game in this sector.

"We are elated to further expand our relationship with Amerant Bank. Amerant has seen the vision of Sol-REIT and is at the forefront of being a capital growth driver in the renewable finance business," stated Sol-REIT's Co-Founder and Head of Capital Markets, Brian A. Sidman. "While other banks may follow, Amerant has proven to be a prominent banking institution that is insightful in growing their footprint while limiting risk through their diversification into investment-grade, quality, clean energy financing."

"We are actively trying to help bridge the gap faced by communities by providing access to finance and building trusted relationships," Plush said. "This engagement with a credit facility offers us the unique opportunity to drive both of these objectives. It is our expectation that by partnering with Sol-REIT, we can extend our financial services to the underserved while facilitating climate resilience."

The 400 megawatts of solar power is equivalent to powering 72,253 homes with electricity every year or eliminating nearly a billion miles driven by an average gasoline-powered passenger vehicle annually.

"There is no question that global climate concerns are causing the world to re-think their energy supply chain and evaluate sustainable alternatives," said Danny Rivera, SVP, Head of Specialty Finance at Amerant Bank, who spearheaded the transaction. "Credit facilities, such as the one we are providing to Sol-REIT, intentionally support the transition to solar energy.

"Specifically for underserved small and medium-sized businesses with a sustainable purpose, credit facilities provide a fundamental tool for business continuity, liquidity and financing flexibility."

Founded by Jim Spano, Kevin Adler and Brian A. Sidman, Sol-REIT is the first and only firm seeking to bring mortgage REITs (real estate investment trusts) to the renewable energy market.

About Amerant Bank

Amerant Bank, N.A., is the largest community bank headquartered in Florida and the main subsidiary of Amerant Bancorp Inc. (NASDAQ: AMTB), with a presence across South Florida and in Tampa, FL, and Houston, TX. The bank has been serving clients for over 40 years, both domestically and abroad, and comprises subsidiaries Amerant Investments and Amerant Mortgage. Rooted in the communities it serves, Amerant Bank supports numerous non-profit, charitable and arts organizations. For news and updates, visit the Amerant Newsroom.

About Sol-REIT:

Sol-REIT revolutionizes clean energy financing by providing innovative construction-to-permanent loans for middle-market solar developments across North America. This segment is remarkably underserved in today's renewable energy market. Led by a team of industry experts experienced in solar development, real estate lending, REITs, and fixed income, Sol-REIT is the first investment vehicle to bring mortgage REITs to the renewables market. In the process, Sol-REIT strives to play an important role in reducing the global carbon footprint. By financing solar similar to real estate, Sol-REIT offers flexible financing for solar projects that matches the asset's operational life while empowering solar developer entrepreneurs to become long-term owners of their own projects. Sol-REIT is currently financing individual solar projects with an average loan size of $5 million to $50 million. For more information, visit https://www.sol-reit.com


These press releases may also interest you

at 15:00
Drax Group, a pioneer in carbon removal and renewable energy, has formed a groundbreaking partnership with environmental leader Karbon-X , marking a significant advancement in the deployment of Bioenergy with Carbon Capture and Storage (BECCS)...

at 14:50
The American Water Charitable Foundation, a 501(c)(3) organization established by American Water, the largest regulated water and wastewater utility company in the U.S., announced today that it has donated $250,000 to the American Red Cross as a new...

at 14:30
Southwest Airlines Co.  announces the acquisition of SAFFiRE Renewables, LLC (SAFFiRE) as part of the investment portfolio of its wholly owned subsidiary Southwest Airlines Renewable Ventures, LLC (SARV). SARV is dedicated to creating more...

at 13:15
The American Society of Interior Designers (ASID), in collaboration with the Chemical Insights Research Institute (CIRI) of UL Research Institutes, unveiled new research today on the effects of extreme weather and climate events on the built...

at 12:50
Global sales of electric vehicles (EVs) increased from 716,000 vehicles in 2015 to 10.6 million vehicles in 2022. Meanwhile, demand rose for the materials used in EV batteries such as graphite, cobalt and lithium. As demand jumps for these critical...

at 12:30
Aardex, a data-driven, community-minded real estate investment and development firm that has built out more than 1.5 million square feet of projects over the last 40 years, today announced the launch of a new company, Stellera, which will focus on...



News published on and distributed by: