Pivot Energy, a renewable energy provider and independent power producer that develops, finances, builds, owns, and manages solar and energy storage projects, secured a $200 million tax credit purchase commitment to support its 40 community solar project portfolio totaling 144 MW located across eight states.
Acadia’s climate and Communities Investment Coalition facilitated the tax credit commitment.
This transaction follows the financing commitments of over $450 million from HASI, First Citizens Bank, and ATLAS SP Partners.
The portfolio will provide electricity to residential and commercial subscribers in communities across Colorado, Delaware, Hawaii, Illinois, Maryland, Minnesota, New York, and Virginia.
The first community solar projects in this portfolio are expected to begin commercial operation in the third quarter of 2025.
“This tax credit purchase agreement reinforces that the energy transition can be both scalable and community-focused,” said Tom Hunt, CEO of Pivot Energy. “We are thrilled to grow our partnership with Acadia and bring more solar energy to U.S. communities.”
Following Acadia’s coordination of the transaction, Tim Short, Managing Partner of Acadia, said, “We are proud to have supported Pivot Energy in advancing one of the largest community solar portfolios in the United States.” Brian O’Callaghan, Vice President at Acadia, continued, “By facilitating this commitment through the CCIC, we’re helping direct corporate capital to projects that deliver tangible benefits to local communities—like job creation, economic growth, and access to renewable energy.”
In March, the company also secured tax equity investment from the U.S. retail chain Walmart for the development of 19 solar projects across the country.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding in Q1 2025 increased by 27% compared to Q1 2024.
Earlier this week, SolarBank Corporation, an independent renewable and developer, owner, and operator of distributed and community solar projects, and CIM Group, a real estate and infrastructure owner and developer, have entered into a mandate letter providing for up to $100 million in project financing for a portfolio of solar projects totaling 97 MW located across the U.S.
