Pivot Energy Secures $200 Million For 100 MW Distributed Solar

American solar power and energy storage developer Pivot Energy has closed a $203 million financing facility to support a multi-state portfolio of distributed generation solar projects.

Pivot Energy said that Silicon Valley Bank (SVB) and Foss & Company will make the initial tax equity investment. The 100 MWdc portfolio comprises 35 community solar and C&I projects planned to reach commercial operation between second quarter of 2023 and second quarter of 2024.

Pivot Energy said that this financing is its second portfolio of projects the company will build, own, and operate since its strategic acquisition by ECP in June 2021. The community solar subscribers in this portfolio include commercial clients including municipalities, healthcare facilities, food service, and retail; residential customers; and households.

Pivot Energy exhibits strategic diversity across project types, client offtake arrangements, and geographic reach with projects in Colorado, Minnesota, Illinois, New York, Hawaii, Maryland, and California.

This transaction is also the first syndicated loan closing that SVB has led since the recent acquisition by First Citizens Bank. SVB claims to have pioneered community solar financing solutions and has remained a preeminent leader in the market.

The debt transaction led by SVB includes a construction loan, tax equity bridge loan, and term loan, said Pivot Energy. SVB circled the financing and will act as a Coordinating Lead Arranger (CLA), Sole Bookrunner and Administrative Agent with J.P. Morgan, National Bank of Canada, Bank United, Cadence and Comerica.

Bret Turner, Head of Project Finance, Silicon Valley Bank, said, “Pivot Energy and ECP are front runners in transitioning our energy sources to affordable, clean, renewable energy for all, accelerating the growth of community solar across the United States. We are pleased to have led and structured this portfolio of solar projects across 35 sites in 7 key markets. We appreciate the confidence and trust placed in the team at SVB to continue moving this asset class forward.”

Bret Labadie, CFO, Pivot Energy, said, “I am very proud of the entire Pivot team on this incredible accomplishment as we continue to build a strong operating portfolio base.”

SunCentral, Pivot’s industry-leading proprietary community solar subscriber management and acquisition platform, will manage the portfolio through operations.

Last October, Pivot Energy secured a $100 million loan from Fundamental Renewables to fund its solar power and energy storage facilities across the USA.