Pivot Energy Wraps Up Financing for Solar Project Portfolio

Bret Labadie. Pivot Energy has secured a $203 million financing package for a collection of distributed solar projects across multiple states. Silicon Valley Bank (SVB) and Foss & Co. will lead the debt facilities and cover the initial tax equity investment, respectively. This portfolio covers 35 community solar and commercial and industrial projects with a total capacity of 100 MW direct current and is estimated to be operational in the second quarters of 2023-2024. This is the second portfolio of projects Pivot Energy will build, own, and manage since it was acquired by ECP in June 2021. Pivot Energy is pleased to announce that the company has obtained a debt financing with SVB and First Citizens Bank for the installations in Colorado, Minnesota, Illinois, New York, Hawaii, Maryland and California. The transaction comprises of a construction loan, tax equity bridge loan and term loan. This continued collaboration testifies to the renewed commitment of SVB and First Citizens Bank to the crucial asset class. Bret Labadie, CFO of Pivot Energy, has stated that he is ecstatic to proceed with this alliance and demonstrate the strength of their assurance to the greater solar energy community. CohnReznick Capital was the financial consultant of Pivot Energy in the said transaction.