-- Elevate Renewables, an energy infrastructure developer and portfolio company of infrastructure investor ArcLight Capital Partner, on Monday said it has secured a $50 million financing facility intended to support a solar and battery energy storage project contracted to power a data center.
Rabobank arranged the $50 million Energy Transition Supplier Finance Facility, that will support the project's near term execution as well as the company's long term growth, the company said in a statement.
Earlier in January, the company purchased the under-construction Prospect Power Storage, a 150-megawatts/600-megawatt-hour standalone battery storage asset in the PJM Interconnection in Rockingham County, Virginia. It is slated to commence operations in mid-2026, the statement said.
The company disclosed that its Garden State Reliability Project, also known as Two Rivers Storage, has been selected by the New Jersey Board of Public Utilities for the Garden State Energy Storage Program.
The 150 MW/ 600 MWh battery storage facility will be developed at the Bergen Generating Station in Ridgefield, New Jersey, the statement added.