Pivot Energy, a Colorado-based solar projects developer, has obtained a $203m funding facility to support a portfolio of 100MW distributed solar projects across multiple US states.  

Silicon Valley Bank (SVB), a division of First Citizens Bank, agreed to lead the debt facilities while Foss is making the initial tax equity investment.

The portfolio includes 35 community solar and commercial and industrial projects, expected to begin commercial operations between the second quarter of 2023 and the second quarter of 2024.

This financing marks the company’s second portfolio of projects after its acquisition by ECP in June 2021.

The debt includes a construction loan, a tax equity bridge loan and a term loan.

Other banks participating in the debt transaction include JP Morgan, National Bank of Canada, Bank United, Cadence and Comerica.

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Community solar subscribers in this portfolio include commercial clients such as municipalities, healthcare facilities, food service and retail, along with residential consumers and 8,000 low-to-moderate income (LMI) households.

Pivot Energy chief financial officer Bret Labadie stated: “I am very proud of the entire Pivot team on this incredible accomplishment as we continue to build a strong operating portfolio base. This transaction additionally highlights that SVB continues to be a leader in the community solar financing space. 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.

“We are also very excited to grow our existing tax equity partnership with Foss. Foss remains a strategic partner for us as we continue to grow our distributed generation solar-operating portfolios.”