The firm provides solar developers with access to capital
Sol-REIT, a finance firm seeking to bring mortgage REITs to the solar industry, has secured a warehouse credit facility with Amerant Bank, the largest community bank in Florida.
According to a release, the Amerant Bank facility will enable Sol-REIT to deploy its pipeline of over $800 million and 400 megawatts of solar power to support small and medium-sized solar developers, as well as renewable energy projects in historically underserved communities. Sol-REIT offers financing of $5 million to $50 million to individual solar projects.
“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 Sol-REIT CEO Mark Settles.
“Amerant is committed to offering products and services that help our communities and customers address the unique impacts of climate change,” said Jerry Plush, vice chairman and CEO of Amerant. “We are actively trying to help bridge the gap faced by communities by providing access to finance and building trusted relationships. 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.”
“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, head of specialty finance at Amerant Bank. “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.”