e-Zinc Raises Additional $31 Million in Series A2 Funding

Pivot Energy, a solar project developer, has secured tax equity investment from the U.S. retail chain Walmart for the development of 19 solar projects across the country. The strategic investment will facilitate the construction, operation, and maintenance of the projects, including 15 community solar projects spread across five states – Illinois, Colorado, Maryland, Delaware, and California.

Besides the tax equity investment agreement with Pivot Energy, Walmart is also investing in seven community solar projects developed by Reactivate. Both portfolios total 26 projects with a capacity of 70 MWac. Upon becoming operational, the project is expected to generate approximately 160,000 megawatt-hours (MWh) of clean energy each year. This output will be adequate to facilitate community solar subscriptions for approximately 13,000 residential households across the U.S. As a result, an estimated $8 million in annual savings on energy bills for households and commercial off-takers is expected.

These new investments will add to Walmart’s existing portfolio, which is stated to consist of more than 600 onsite and offsite renewable energy projects already in operation or under development in over ten countries.

In addition to community solar, Walmart has also entered into long-term renewable energy purchase agreements with NextEra Energy Resources, EDP Renewable North America, and Invenergy. The projects developed by the three developers will add 842 MW to the grid once completed.

According to Mercom’s Q4 and Annual Global Solar Funding and M&A report, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.

ENGIE North America (ENGIE), a U.S.-based electric utility, recently announced the completion of more than $1 billion in tax equity financing for 1.3 GW of renewable energy projects in the U.S. The funding was secured through separate agreements with three banks, including J.P. Morgan, Goldman Sachs, and BNP Paribas. The financing pertains to a portfolio of recently commissioned renewable projects in the U.S.