ECP acquired Pivot Energy, a national commercial and community solar developer. The transaction closed on June 1. Financial details were not disclosed.
Founded in 2009, Pivot offers a distributed solar development platform that develops, finances, and manages commercial and community solar projects across the U.S. The acquisition is expected to provide Pivot with increased access to capital and move to a model of aggregating and managing recurring cash flowing assets through in-house development, co-development partnerships, and acquisitions.
CohnReznick Capital acted as the exclusive financial advisor to Pivot Energy on the transaction. Latham & Watkins, LLP served as legal advisor to ECP.
ECP, founded in 2005, invests across energy transition, electrification, and decarbonization infrastructure assets, including power generation, renewables and storage solutions, environmental infrastructure, and efficiency and reliability assets facilitating the energy transition. In 2016, ECP invested in Houston-based Sunnova Energy Corp., an owner and operator of residential solar and storage assets. A year later, it engineered a $17 billion deal to take Calpine Corp. private. At the time, Calpine had a portfolio of 80 power plants with a combined capacity of 26 GW.
In May, Pivot Energy said that it and Standard Solar were developing three new community solar projects in Colorado with a total capacity of 4 MW.
One megawatt of the portfolio is dedicated to serving low-income subscribers. The remaining 3 MW have been subscribed to by local municipalities and organizations. Pivot Energy developed and built the solar gardens and will provide customer management services. Standard Solar will finance, own, and maintain the systems.
Pivot also said it was currently developing and co-developing more than 94 MW of community solar in New York State. The community solar projects will serve low- and moderate-income households, residents, and small businesses. Pivot is also developing 35 onsite commercial solar projects for local New York businesses.
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