Elevate Renewables Secures $50M Financing From Rabobank

The facility will support a large solar and battery storage project that will supply reliable, on-demand energy to power a data center, highlighting the strong connection between modern energy infrastructure and the fast-growing digital economy.

The project will deliver reliable, on-demand power to a data center, a sector with rapidly increasing electricity demand. Elevate is building and acquiring high-quality solar and battery storage projects to help meet this growing need.

Cooperatieve Rabobank U.A., New York Branch, served as the sole arranger for the deal. It worked closely with Elevate to create a supplier finance solution that supports both immediate project needs and long term growth plans.

The deal was completed through strong teamwork, with close cooperation from early discussions through final execution creating a flexible financing structure that aligns with Elevate’s supply chain, and development goals.

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In January, Elevate acquired Prospect Power Storage, a 150 MW/600 MWh battery project and the largest standalone storage asset in the PJM Interconnection. Located in Rockingham County near Northern Virginia’s “Data Center Alley,” it is under construction and expected to start operations in mid-2026.

In March, Elevate announced that its Garden State Reliability Project was selected by the New Jersey Board of Public Utilities under the Garden State Energy Storage Program. Also known as Two Rivers Storage, this 150 MW/600 MWh battery project will be built at the Bergen Generating Station in Ridgefield, New Jersey.

“This facility helps us build more effectively in today’s market,” said Josh Rogol, CEO of Elevate. “By lowering our costs and working closely with our supply chain, we can move faster, offer better pricing and deliver important infrastructure where it’s needed most, supporting the growth of data centers in the U.S.”

“Energy infrastructure is now closely linked to economic growth,” Rogol added. “Facilities like this don’t just fund projects—they help us move faster and stay competitive so that we can deliver for our customers and investors.”

“Rabobank is actively lending in the energy transition sector and supports clients across the full value chain,” said Wayne Hu, Managing Director at Rabobank North America Energy Transition Coverage. “We’re pleased to partner with companies like Elevate and look forward to helping speed up energy transition efforts in the region.”

“Working with Elevate has been very collaborative,” said Wouter Hazenberg, Managing Director and Head of Supplier Finance at Rabobank North America. “From the start, Elevate showed a smart and forward-looking approach to managing its supply chain and projects. We were pleased to work together to create a tailored solution that strengthens Elevate’s cash flow by financing payments to equipment suppliers and between its own entities.”

About Elevate

Founded in 2022, Elevate is building the energy infrastructure needed for a growing economy. As electricity demand rises due to new technologies, data centers, and increased electrification, reliable power is more important than ever. The company develops large battery storage projects that help keep the lights on, strengthen the grid, and support the use of clean energy when it’s needed most. ArcLight Capital Partners, a leading infrastructure investor, backs elevate.

About Rabobank North America

Rabobank is one of the world’s largest cooperative banks and a global leader in food, agribusiness, and energy. In North America, it provides corporate, and investment banking services, including advisory, and financing solutions, with a focus on agriculture and equipment financing, using its global expertise to support clients across the food and energy value chain.

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