Pivot Energy, a solar provider that develops, finances, builds, owns, and manages solar and energy storage projects, secured $100 million in debt financing for its renewable energy projects from Fundamental Renewables, an investment arm of Fundamental Advisors.
Fundamental Renewables will provide a $100 million revolving development loan facility to Pivot Energy, funding a diverse range of solar and storage projects across the U.S. The facility offers Pivot Energy the financial flexibility to accelerate the development and initial construction efforts of its pipeline of distributed generation solar projects throughout the loan’s three-year term.
“This facility for Pivot Energy underscores Fundamental Renewables’ commitment to working with industry leaders that are accelerating the transition to clean energy,” said Mark Domine, Managing Director, Head of Originations at Fundamental Renewables. “We are excited to forge this relationship with Pivot Energy to expand their already robust portfolio, particularly in community solar projects that will have a significant impact in making solar energy more accessible throughout the country.”
“We are thrilled to work with Fundamental Renewables on this loan,” said Bret Labadie, Chief Financial Officer at Pivot Energy. “They truly understand distributed generation solar project development and the intricacies that come with large portfolios of projects. They were very active in proposing creative solutions to successfully enable this facility, and we are excited to continue to work together.”
According to Mercom’s recently announced 9M and Q3 2022 Solar Funding and M&A Report, solar debt financing activity in 9M 2022 totaled $8.3 billion in 48 deals, 42% lower than 9M 2021 when $14.2 billion was raised in 50 deals. In July, Opdenergy, an independent renewable energy producer, closed a $254 million debt facility for issuing new senior bonds with EIG, an investor in energy and infrastructure sectors, and Generali Global Infrastructure (CGLI). The agreement precedes the 2021 financing facility with EIG for issuing euro-denominated senior bonds in a principal amount of up to $142 million.
