Pivot Energy closes on $190M financing for solar projects
DENVER — Pivot Energy has closed on a $190 million financing facility to pay for distributed solar energy projects in multiple states.
In a press release, Denver-based Pivot Energy Inc., said that Silicon Valley Bank will lead the debt facilities and Foss & Co. will make the tax equity investment. The financing will support a 90 megawatt portfolio in more than 40 solar projects. About 80% will be community solar in which communities and individuals can purchase shares or subscriptions of the power generated, and 20% will be commercial and industrial power purchase agreements.
This is the first portfolio of projects Pivot will build, own, and operate since it was acquired by ECP Management LP in June 2021. Pivot has other projects in Colorado, including some in Weld County.
In addition to commercial and industrial customers, clients include community solar subscriptions for commercial clients, residents, and nearly 1,200 low-to-moderate income households. Projects will be located in Colorado, New York, Illinois, Minnesota, California and New Jersey.
Financing will include a construction loan, tax equity bridge loan, and permanent loan — which, coupled with the tax equity investment from Foss, will enable Pivot to construct, operate and own the projects.
“We are excited to work with Pivot Energy to provide financing for this solar portfolio,” Bret Turner, head of project finance, business development and innovation for Silicon Valley Bank, said in a written statement. “Making solar accessible to more Americans is crucial in efforts to combat climate change, and the community solar subscriptions and PPA opportunities in this portfolio offer households and businesses an easy way to participate in the benefits of solar energy.”
Tom Hunt, CEO of Pivot Energy, said the lenders are “ideal partners.”
“We are excited about the unique opportunity this presents as our first owned portfolio on a national scale. We look forward to our continued partnerships with SVB and Foss as we work to grow our solar footprint across the nation, positively contributing to the environment, our communities, and our investors.”