SolaREIT announced that it initially closed on $100 million in investment funds from alternative investment manager CarVal. Up to $250 million in additional funding is potentially available to expand the company's activities, the company says.

SolaREIT acquires, develops and manages climate-friendly real estate assets that support solar and battery storage projects, offering financing options to developers, project owners and landowners. Its products include land purchases, lease purchases and mortgage loans. 

"Solar development is capital intensive, and we believe this investment will deliver innovative technologies and projects that are supporting the energy transition while offering solid, long-term return potential," Jerry Keefe, principal with AB CarVal, said in prepared remarks. "This partnership with SolaREIT scales solar and battery storage growth by delivering a full suite of financing solutions for developers, project owners and landowners."