Pivot Energy Closes $190M Debt and Tax Equity Financing to Support 90MW Distributed Generation Solar Portfolio
This is the first portfolio of projects that Pivot will build, own and operate since its strategic acquisition by ECP in June 2021. In addition to C&I PPAs, customers include community solar subscriptions for commercial customers, residents, and nearly 1,200 low-to-moderate income (LMI) households. The portfolio exhibits strategic diversity across project types, customer off-take agreements and geographic reach with projects located in New York, Illinois, Colorado, Minnesota, Californiaand New Jersey. This diversity is beneficial both for bringing clean solar power to more Americans and for strengthening the long-term financial prospects of the portfolio.
The SVB-led debt transaction includes a construction loan, a tax equity bridge loan and a permanent loan, which together with Foss’ tax equity investment will enable Pivot to build, operate and fully own this portfolio.
SVB is a global financial services provider with unique expertise in community solar financing, making it an ideal partner to serve as lead arranger of the credit facility for this portfolio. Foss has additionally funded several strategic community solar portfolios with other community solar developers in recent years.
Bret TurnerHead of Project Finance, Business Development and Innovation for Silicon Valley Bank, said, “We are delighted to be working with Pivot Energy to fund this solar portfolio. Making solar power accessible to more Americans is crucial in efforts to fight climate change, and the community solar subscriptions and PPA opportunities in this portfolio offer households and businesses a simple way to reap the benefits of solar energy. ‘solar energy. »
Bryen AlperinDirector of Renewable Energy and Sustainable Technology at Foss & Company, said, “We are delighted to be working with Pivot Energy on the launch of this new portfolio. This portfolio will expand access to clean, low-cost electricity for small businesses and households. this investment contributes to our goal of rolling out tax fairness in underserved segments of the market, while generating substantial environmental benefits. »
Tom HuntCEO of Pivot Energy, said, “SVB and Foss have been ideal partners for Pivot as we work to realize this portfolio. We are excited about the unique opportunity this presents as our first nationally owned portfolio. We look forward to our continued partnerships with SVB and Foss as we work to grow our solar footprint across the country, contributing positively to the environment, our communities and our investors. »
CohnReznick Capital acted as exclusive financial 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.
All projects in the portfolio will be managed by SunCentral, Pivot’s proprietary community solar subscriber management and acquisition platform.
About Pivot Energy
Pivot Energy is a national solar provider that develops, finances, builds, owns and operates solar and energy storage projects. Pivot offers a distributed energy platform that includes a suite of services and software to serve the entire solar ecosystem. Pivot is a certified B-Corporation that proudly follows a corporate strategy aimed at having a positive impact on society, as measured by the factors of environmental stewardship, social leadership and responsible governance (ESG). Learn more at pivotenergy.net.
About Silicon Valley Bank
Silicon Valley Bank (SVB) helps innovative companies and investors advance bold ideas, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. The bank’s project finance group works with project owners, sponsors and investors to finance large residential, commercial and industrial projects, as well as utilities. To learn more, visit svb.com/industry-solutions/cleantech-and-sustainability.
About Foss & Company
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed more than $7 billion in tax equity on behalf of insurance, banking and other large corporate clients in historic rehabilitation projects, renewable energy and peak power generation facilities. Foss & Company is a full-service advisor with proven expertise in helping our partners navigate the world of tax equity investing. For more information, visit www.fossandco.com.
SOURCE Pivot Energy