Elevate Renewables has secured a $50 million financing facility arranged by Rabobank to accelerate the development of solar and battery energy storage infrastructure contracted to power data centers.

Deal Structure and Purpose

The transaction, formally known as an Energy Transition Supplier Finance Facility, was arranged solely by Cooperatieve Rabobank U.A., New York Branch. Rather than a conventional project loan, the facility works by financing payables owed to equipment suppliers as well as payables due between different Elevate entities.

The structure is designed to improve Elevate's working capital position while supporting near-term project execution and the company's longer-term growth strategy.

According to Wouter Hazenberg, Managing Director and Head of Supplier Finance at Rabobank North America, the structure was developed collaboratively with Elevate from early-stage discussions through to closing.

"From the early stages of the discussion, Elevate demonstrated a thoughtful and forward-looking approach to supply chain management and project execution," Hazenberg said.

"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." Josh Rogol, Chief Executive Officer of Elevate, described the facility as a strategic tool for competing in the current development environment.

"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," Rogol said.

Projects Tied to the Facility

The financing is intended to support a large solar and battery energy storage project that has been contracted to power a data center, though the specific project was not identified by name in the announcement. Elevate stated that the facility enhances supply chain resilience and improves overall project execution across its development portfolio.

The company has been actively expanding its battery storage holdings. In January 2026, Elevate acquired the Prospect Power Storage project, a 150 MW and 600 MWh standalone battery storage asset located in Rockingham County, Virginia, near what is commonly referred to as Northern Virginia's Data Center Alley.

Elevate described Prospect Power Storage as the largest standalone battery storage asset in the PJM Interconnection at the time of acquisition. The project is currently under construction and is scheduled to begin operations in mid-2026.

In March 2026, Elevate announced that the New Jersey Board of Public Utilities had selected its Garden State Reliability Project as part of the Garden State Energy Storage Program. That project, also known as Two Rivers Storage, is a 150 MW and 600 MWh battery storage facility planned for development at the Bergen Generating Station in Ridgefield, New Jersey.

Rabobank's Role in Energy Transition Financing

Rabobank, described in the announcement as one of the world's largest cooperative banks and a global leader in food, agribusiness, and energy financing, said the transaction reflects its active position in energy transition lending.

Wayne Hu, Managing Director at Rabobank North America Energy Transition Coverage, said the bank is committed to supporting clients across the entire value chain of energy development.

"We are thrilled to partner with companies like Elevate and look forward to helping accelerate energy transition efforts in the region," Hu said. In North America, Rabobank provides corporate and investment banking advisory and financing solutions, including specialized agricultural and equipment financing.

The Rabobank North America teams worked with Elevate from initial discussions through to final execution to deliver what the bank characterized as a flexible financing structure aligned with Elevate's supply chain and development objectives.

Data Center Demand as a Driver

Elevate framed the financing announcement within the broader context of surging electricity demand driven by data center expansion. The company stated that data centers are driving unprecedented demand for power and that the project supported by this facility will provide reliable, dispatchable energy capacity to a data center customer.

Rogol emphasized that energy infrastructure development has become directly linked to broader economic growth. "Energy infrastructure is now directly tied to economic growth," he said. "Facilities like this don't just finance projects; they enable speed and competitiveness so we can execute for our customers and investors."

Elevate, which is a portfolio company of ArcLight Capital Partners, described itself as a developer and operator of energy infrastructure focused on large-scale battery storage projects.

The company said it is developing and acquiring a portfolio of solar and battery energy storage projects to meet growing electricity demand stemming from new technologies, data centers, and increasing electrification.

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