Pivot Energy announced the closing of a $190 million financing facility to support a multi-state portfolio of distributed generation solar projects. The 90MW portfolio comprises over 40 solar projects, approximately 80% community solar, and 20% commercial and industrial (C&I) power purchase agreements (PPAs).
This is the first portfolio of projects Pivot will build, own, and operate since it was acquired by ECP in June 2021. In addition to C&I PPAs, clients include community solar subscriptions for commercial clients, residents, and nearly 1,200 low- to moderate-income households. The portfolio includes projects located in New York, Illinois, Colorado, Minnesota, California, and New Jersey.
Silicon Valley Bank (SVB) will lead the debt facilities and Foss & Company (Foss) will make the tax equity investment. The debt transaction led by SVB includes a construction loan, tax equity bridge loan, and permanent loan — which, coupled with the tax equity investment from Foss, will enable Pivot to fully construct, operate, and own this portfolio.
“Making solar accessible to more Americans is crucial in efforts to combat climate change, and the community solar subscriptions and PPA opportunities in this portfolio offer households and businesses an easy way to participate in the benefits of solar energy,” said Bret Turner, Head of Project Finance, Business Development, and Innovation for Silicon Valley Bank.
All projects in the portfolio will be managed through SunCentral, Pivot’s proprietary community solar subscriber management and acquisition platform.
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