Elevate Renewables Closes $50M Supplier Finance Facility with Rabobank to Power Data Center Infrastructure
Elevate Renewables (“Elevate”), a leading developer and operator of energy infrastructure, has closed a $50 million Energy Transition Supplier Finance Facility arranged by Rabobank, one of the world’s largest cooperative banks and a global leader in financing food, agribusiness and energy. The facility is earmarked for a large solar and battery energy storage project contracted to power a data center, tightening the operational link between clean energy infrastructure and the surging digital economy.
The financing structure is designed as an equipment finance solution that strengthens Elevate’s supply chain resilience, improves cost of capital, and accelerates project execution — giving the company a sharper competitive edge in a market where speed to energization increasingly determines who wins data center contracts.
“This facility is a strategic enabler for how we build in today’s market,” said Josh Rogol, Chief Executive Officer of Elevate. “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.”
Cooperatieve Rabobank U.A., New York Branch acted as Sole Arranger for the transaction, structuring a bespoke Supplier Finance solution calibrated to Elevate’s near-term execution timelines and longer-term growth pipeline. The facility finances payables due to equipment suppliers as well as inter-entity payables within the Elevate corporate structure — an arrangement that improves working capital across the development stack.
“Rabobank is an active lender in the energy transition space, and we are committed to supporting our clients across the entire value chain,” said Wayne Hu, Managing Director at Rabobank North America Energy Transition Coverage. “We are thrilled to partner with companies like Elevate and look forward to helping accelerate energy transition efforts in the region.”
Wouter Hazenberg, Managing Director and Head of Supplier Finance at Rabobank North America, described the engagement as driven by Elevate’s own supply chain sophistication: “From the early stages of the discussion, Elevate demonstrated a thoughtful and forward-looking approach to supply chain management and project execution. We were pleased to work alongside their team and co-develop a bespoke solution.”
The announcement arrives as Elevate moves aggressively through its development and acquisition pipeline. In January, the company acquired the 150 MW / 600 MWh Prospect Power Storage project — the largest standalone battery storage asset in the PJM Interconnection — located in Rockingham County near Northern Virginia’s Data Center Alley. The project is under construction and slated to begin operations in mid-2026. In March, the New Jersey Board of Public Utilities selected Elevate’s Garden State Reliability Project — a 150 MW / 600 MWh battery storage facility at the Bergen Generating Station in Ridgefield, New Jersey — as part of the Garden State Energy Storage Program.
“Energy infrastructure is now directly tied to economic growth,” Rogol added. “Facilities like this don’t just finance projects — they enable speed and competitiveness so we can execute for our customers and investors.”
The Rabobank facility positions Elevate to absorb more project volume without stretching its balance sheet, a structural advantage in a market where data center developers are locking up power capacity years in advance and the premium is on developers who can actually deliver.