Elevate Secures US$50m with Rabobank to Power Data Centres

Elevate Renewables (Elevate) is strengthening the energy backbone behind data centre growth after securing a US$50m financing facility from Rabobank to support a solar and battery storage project.

The funding is structured as an Energy Transition Supplier Finance Facility, designed to accelerate project delivery while improving supply chain resilience. The project will provide dispatchable energy – power that can be delivered on demand – to a data centre, addressing one of the sector’s core challenges as demand for electricity continues to rise.

As hyperscale and enterprise operators expand capacity, access to reliable energy infrastructure is becoming a defining factor in how quickly new data centres can be brought online.

Josh Rogol, CEO of Elevate, outlines the role of the financing in supporting deployment.

“This facility is a strategic enabler for how we build in today's market,” he says. “By optimising 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 centre growth in the US.”

Josh connects energy infrastructure to broader economic activity. “Energy infrastructure is now directly tied to economic growth,” he explains. “Facilities like this don't just finance projects, they enable speed and competitiveness so we can execute for our customers and investors.”

Linking energy and data centre capacity

The project reflects a wider trend where energy and digital infrastructure are increasingly developed together. Solar generation paired with battery energy storage allows operators to balance supply and demand, storing excess electricity and releasing it when needed.

This is particularly relevant for data centres, which require consistent and uninterrupted power to support workloads such as cloud computing, AI processing and high-performance computing. Battery storage systems, measured in megawatts MW and megawatt hours MWh, enable facilities to maintain stability during fluctuations in grid supply.

Rabobank acted as the sole arranger for the transaction, working with Elevate to structure a financing model that supports both immediate project execution and long-term expansion. The approach focuses on supplier finance, which helps manage payments across the supply chain while improving working capital.

Wayne Hu, Managing Director at Rabobank North America Energy Transition Coverage, highlights the bank’s role in supporting such projects. 

“Rabobank is an active lender in the energy transition space, and we are committed to supporting our clients across the entire value chain,” he says. “We are thrilled to partner with companies like Elevate and look forward to help accelerate energy transition efforts in the region.”

Wouter Hazenberg, Managing Director and Head of Supplier Finance at Rabobank North America, adds detail on the structure.

“Working with Elevate has been a highly collaborative experience,” he says. “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.”

Expanding storage near data centre hubs

Elevate is also expanding its portfolio of battery storage projects in key US data centre regions. In January, the company acquired the 150MW/600MWh Prospect Power Storage project in the PJM Interconnection, located near Northern Virginia’s “Data Center Alley” – one of the world’s largest concentrations of data centres.

The project is under construction and is scheduled to begin operations in mid-2026. In March, Elevate confirmed that its Garden State Reliability Project, also known as Two Rivers Storage, has been selected as part of New Jersey’s energy storage programme. This facility will also deliver 150MW/600MWh capacity.

These developments highlight how energy infrastructure is being deployed alongside data centre clusters, ensuring that power availability keeps pace with compute demand.