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April 19, 2022

Pivot Energy secures $190m in funding to develop US solar project portfolio

The portfolio includes community solar projects, as well as commercial and industrial power purchase agreements.

US-based Pivot Energy has secured a $190m financing facility to support the development of its multi-state portfolio of distributed generation solar projects.

SVB Financial Group subsidiary Silicon Valley Bank will lead the debt facilities while Foss & Company (Foss) has agreed to make the tax equity investment.

Pivot Energy’s 90MW portfolio includes 40 solar projects, of which the majority (80%) are community solar projects. The remaining 20% includes commercial and industrial (C&I) power purchase agreements (PPAs).

The debt facilities led by SVB comprise a construction loan, tax equity bridge loan, and permanent loan. They will also be linked with a tax equity investment from Foss, which will help Pivot to construct, operate, and own this portfolio. 

Pivot Energy clients also include community solar subscriptions for commercial customers, residents, and approximately 1,200 low-to-moderate income households in the US.

The projects are in various regions, including New York, Illinois, Colorado, Minnesota, California, and New Jersey.

It is said to be the first project undertaken by Pivot Energy since it was acquired by ECP in June last year.

Pivot’s project portfolio will be managed by SunCentral, which is Pivot’s proprietary community solar subscriber management and acquisition platform.

Pivot Energy CEO Tom Hunt said: “SVB and Foss have been ideal partners for Pivot as we work to bring this portfolio to fruition. 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.” 

For this transaction, CohnReznick Capital served as the exclusive financial adviser to Pivot Energy, and Stoel Rives acted as its counsel.

Milbank acted as counsel for SVB, and Winthrop & Weinstine acted as counsel for Foss.

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