Pivot Energy, a commercial and community solar project developer, has acquired SGC Power, a Maryland-based community solar developer. SGC Power has been involved in 2.8 gigawatts of solar projects since the company’s founding in 2008.
The larger team will allow Pivot Energy to better scale greenfield development, accelerate the adoption of solar, add product offerings, and expand the company’s national footprint. Pivot’s development expertise and long-term project ownership capabilities will enable SGC to enter new markets and increase value to their property owners by providing some certainty, according to the company.
“SGC Power is a community solar leader with deep industry experience,” said Tom Hunt, CEO of Pivot Energy. “We are excited to welcome their team to Pivot Energy. Together, we can further accelerate the transition to decentralized renewable energy while providing real cost-savings to businesses and families across the country.”
“It is our firm belief that this acquisition will bring about positive changes for everyone,” said Hunt. “It will certainly make us stronger, more competitive in the market, and the increased resources will ensure that we can provide more value to our partners and clients.”
According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, In 1H 2022, there were 53 solar M&A transactions compared to 54 transactions in 1H 2021. In 1H 2022, the top deal was by Macquarie Asset Management, a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, which agreed to acquire Reden Solar from InfraVia Capital Partners and Eurazeo for an enterprise value of $2.72 billion.
In a recent transaction, ICG, an alternative asset manager, announced that its debut Infrastructure fund, ICG Infra I (ICG Infra), has acquired British Solar Renewables (BSR), an integrated solar developer in the UK. The financial terms of the acquisition were not disclosed. ICG Infrastructure Equity raised €1.5 billion (~$1.28 billion) in investor commitments in February this year, enabling the acquisition from Siem Europe.