Bret Labadie
Pivot Energy has closed a $203 million financing facility to help a multi-state portfolio of distributed technology solar initiatives.
Silicon Valley Bank (SVB), a division of First Citizens Bank, will lead the debt services, and Foss & Co. will make the preliminary tax fairness funding.
The 100 MW DC portfolio contains 35 neighborhood solar and C&I initiatives deliberate to succeed in business operation between Q2 2023 and Q2 2024.
The financing is Pivot’s second portfolio of initiatives the corporate will construct, personal and function since its strategic acquisition by ECP in June 2021. The installations are in Colorado, Minnesota, Illinois, New York, Hawaii, Maryland and California.
The debt transaction by SVB features a building mortgage, tax fairness bridge mortgage and time period mortgage.
“I am thrilled to continue this partnership and show the broader community solar space that SVB and First Citizens Bank remain committed to this important asset class,” says Bret Labadie, CFO of Pivot Energy.
CohnReznick Capital acted because the unique monetary advisor to Pivot Energy on the transaction.
