Pivot Energy has closed a $190 million financing facility to help a multi-state portfolio of distributed era solar tasks. Silicon Valley Bank (SVB) will lead the debt services and Foss & Co. will make the tax fairness funding. The 90 MW portfolio contains over 40 solar tasks, roughly 80% group solar, and 20% business and industrial (C&I) power buy agreements (PPA).
This is the primary portfolio of tasks Pivot will construct, personal and function since its strategic acquisition by ECP in June 2021. In addition to C&I PPAs, shoppers embody group solar subscriptions for business shoppers, residents, and almost 1,200 low-to-moderate earnings (LMI) households. The portfolio reveals strategic range throughout challenge sorts, consumer offtake preparations and geographic attain with tasks positioned in New York, Illinois, Colorado, Minnesota, California and New Jersey.
The debt transaction led by SVB features a building mortgage, tax fairness bridge mortgage and everlasting mortgage – which, coupled with the tax fairness funding from Foss, will allow Pivot to totally assemble, function and personal this portfolio.
“We are excited to work with Pivot Energy to provide financing for this solar portfolio,” says Bret Turner, head of challenge finance, enterprise growth and innovation for Silicon Valley Bank. “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.”
All tasks within the portfolio will likely be managed by means of SunCentral, Pivot’s proprietary group solar subscriber administration and acquisition platform.
“We are pleased to work with Pivot Energy as they launch this new portfolio,” feedback Bryen Alperin, director of renewable energy and sustainable know-how at Foss & Co. “This portfolio will expand access to clean low-cost electricity for small businesses and households. This impactful investment furthers our goal of deploying tax equity into under-served segments of the market, while generating substantial environmental benefits.”
CohnReznick Capital acted because the unique monetary advisor to Pivot Energy on the transaction. Stoel Rives acted as counsel for Pivot, Milbank acted as counsel for SVB, and Winthrop & Weinstine acted as counsel for Foss.
“SVB and Foss have been ideal partners for Pivot as we work to bring this portfolio to fruition,” states Pivot Energy CEO Tom Hunt. “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.”