SolaREIT, AB CarVal invest $250M in Solar & Battery Expansion


SolaREIT a solar real estate investment fund, and funds managed by AB CarVal, a global alternative investment manager, have completed the close of an investment, initially $100 million with up to $250 million in additional capital, to turbocharge growth of SolaREIT’s renewable land, lease and loan financing solutions. SolaREIT, which launched in late 2020, provides an innovative model for financing solar real estate and offers options to compensate landowners for utilizing their land to host solar farms and battery storage projects. Since its founding, SolaREIT has partnered with developers and landowners across the country to support the development of hundreds of megawatts of renewable energy deployment.

“Solar development is capital intensive, and we believe this investment will deliver innovative technologies and projects that are supporting the energy transition while offering solid, long-term return potential,” said Jerry Keefe, principal with AB CarVal. “This partnership with SolaREIT scales solar and battery storage growth by delivering a full suite of financing solutions for developers, project owners and landowners.”

“AB CarVal’s deep experience in clean energy made them the perfect partner for this important work. We’re just at the beginning of the solar growth curve, and financing needs to expand to meet the need,” said Gautam Chandra,founder and managing director of SolaREIT. “We’re excited to work together with them to expand solar financing options and solutions to developers and project owners across the country.”

“We’re looking forward to partnering with AB CarVal to expand access to solar and battery storage financing at this important time. Developers and asset owners are facing a number of challenges in the current financial environment, and need access to capital and other financial solutions that are flexible and nimble,” said Laura Pagliarulo, founder and president of SolaREIT. “Our deep experience in this sector helps us understand these needs and deliver the right solution.”

The United Nations estimates that $4 trillion* must be invested annually to reach net-zero emissions by 2050.  Solar development is particularly land and capital intensive. Since 2017, AB CarVal has deployed over $4 billion in clean energy investments, including solar and storage hard assets, private financings, solar loans and solar asset-backed securities (ABS). SolaREIT provides solar-focused financial options to developers and project owners that monetize land and lease value and free up capital or reduce lease costs. SolaREIT financing solutions are available to solar and battery storage developers across the country.