Elevate Secures $50M Rabobank Financing to Accelerate Battery Storage Project Powering Next-Generation Data Centers

Innovative equipment financing solution enhances project competitiveness, accelerates speed to power, and positions Elevate for growth.

BOSTON, April 13, 2026 /PRNewswire/ -- Elevate Renewables ("Elevate"), a leading developer and operator of energy infrastructure, today announced the successful close of a $50 million Energy Transition Supplier Finance Facility arranged by Rabobank, one of the world's largest cooperative banks and a global leader specializing in financing food, agribusiness and energy. The facility will support a large solar and battery energy storage project contracted to power a data center, reinforcing the critical link between modern energy infrastructure and the rapidly expanding digital economy.

This innovative equipment financing approach enhances Elevate's competitiveness, supply chain resilience and improves overall project execution.

"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."

The project will provide reliable, dispatchable energy capacity to a data center, a sector that is driving unprecedented demand for power. Elevate is developing and acquiring a best-in-class portfolio of solar and battery energy storage projects to meet growing electricity needs.

"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."

Cooperatieve Rabobank U.A., New York Branch acted as Sole Arranger for the transaction and partnered closely with Elevate to structure a Supplier Finance solution that supports both near–term project execution and the company's long–term growth strategy.

"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 help accelerate energy transition efforts in the region."

The transaction is the result of a highly collaborative process, with teams working seamlessly from initial discussions through execution to deliver a flexible financing structure aligned with Elevate's supply chain and development objectives.

"Working with Elevate has been a highly collaborative experience," said Wouter Hazenberg, Managing Director and Head of Supplier Finance at Rabobank North America. "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 that improves Elevate's working capital position, by financing payables due to equipment suppliers, as well as payables that are due between different Elevate entities."

In January, Elevate acquired the 150 MW/600 MWh Prospect Power Storage, the largest standalone battery storage asset in the PJM Interconnection. Located in Rockingham County, near Northern Virginia's "Data Center Alley," Prospect Power is currently under construction and scheduled to begin operations in mid-2026.

In March, Elevate announced that the New Jersey Board of Public Utilities has selected its Garden State Reliability Project as part of the Garden State Energy Storage Program. The project, also known as Two Rivers Storage, is a 150 MW / 600 MWh battery storage facility that will be developed at the Bergen Generating Station in Ridgefield, New Jersey.

About Elevate

Elevate is helping build the energy infrastructure needed for an expanding economy. As electricity demand grows—from new technologies, data centers, and increasing electrification—reliable power has never been more important. We develop large-scale battery storage projects that help keep the lights on, make the grid more resilient, and allow more clean energy to be used when people need it most. Elevate is a portfolio company of ArcLight Capital Partners, a leading infrastructure investor. For more information, visit www.elevaterenewables.com.

About Rabobank North America

Rabobank is one of the world's largest cooperative banks and a global leader specializing in food, agribusiness and energy. In North America, Rabobank serves clients with corporate and investment banking advisory and financing solutions, including in specialized agricultural and equipment financing, leveraging its global strength and reach to provide knowledge and a competitive advantage across the entire food and energy value chain. Additional information is available on the Rabobank North America website, www.RabobankNA.com, or on LinkedIn, Facebook and Instagram.

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SOURCE Elevate Renewable Energy