Pivot Energy, a solar provider that develops, finances, builds, owns, and manages solar and energy storage projects, closed a $190 million financing facility to support a 90 MW multi-state portfolio of distributed solar generation projects.
Silicon Valley Bank (SVB) led the debt facilities, which include a construction loan, tax equity bridge loan, and permanent loan, coupled with the tax equity investment from Foss.
The portfolio comprises over 40 solar projects, approximately 80% community solar, and 20% commercial and industrial (C&I) power purchase agreements (PPAs).
Earlier in June 2021, ECP, an investor in the renewable and sustainable solutions sector, announced that it had acquired Pivot Energy. Post-acquisition, this is the first portfolio of projects Pivot will build, own, and operate.
The portfolio shows strategic diversity across project types, client offtake arrangements, and geographic reach with projects located in New York, Illinois, Colorado, Minnesota, California, and New Jersey.
CohnReznick Capital acted as the 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 through SunCentral, Pivot’s proprietary community solar subscriber management and acquisition platform.
According to Mercom’s Q1 2022 solar funding and M&A report, announced large-scale project funding in Q1 2022 came to $9.1 billion in 36 deals.
Total corporate funding – including venture capital (VC) funding, public market, and debt financing – into the solar sector in Q1 2022 came to $7.5 billion in 49 deals, a 51% increase compared to $5 billion raised in 32 deals in Q4 2021.
