Sol-REIT ready to finance more C&I solar projects via Amerant Bank credit facility
Sol-REIT has secured a substantial credit facility with Amerant Bank, the largest community bank in Florida, which will allow Sol-REIT to deploy capital to small and medium-sized solar developers. The Amerant Bank facility will provide Sol-REIT the ability to execute a pipeline of over $800 million and 400 MW of solar power.
“We are actively trying to help bridge the gap faced by communities by providing access to finance and building trusted relationships,” said Jerry Plush, Amerant Vice Chairman and CEO. “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.”
Founded by Jim Spano, Kevin Adler and Brian A. Sidman, Sol-REIT seeks to bring mortgage REITs (real estate investment trusts) to the renewable energy market.
Sol-REIT structures interesting construction-to-permanent loans, leveraging a mortgage REIT model for middle-market solar developers. Sol-REIT is financing individual solar projects with an average loan size of $5 million to $50 million.
“Credit facilities, such as the one we are providing to Sol-REIT, intentionally support the transition to solar energy,” said Danny Rivera, SVP, Head of Specialty Finance at Amerant Bank, who spearheaded the transaction. “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.”
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.
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