Pivot Energy has closed a $203 million financing facility to support a multi-state portfolio of distributed generation solar projects.
Silicon Valley Bank (SVB), a division of First Citizens Bank, will lead the debt facilities, and Foss & Co. will make the initial tax equity investment.
The 100 MW DC portfolio comprises 35 community solar and C&I projects planned to reach commercial operation between Q2 2023 and Q2 2024.
The financing is Pivot’s second portfolio of projects the company will build, own and operate since its strategic acquisition by ECP in June 2021. The installations are in Colorado, Minnesota, Illinois, New York, Hawaii, Maryland and California.
The debt transaction by SVB includes a construction loan, tax equity bridge loan and term loan.
“I am thrilled to continue this partnership and show the broader community solar space that SVB and First Citizens Bank remain committed to this important asset class,” says Bret Labadie, CFO of Pivot Energy.
CohnReznick Capital acted as the exclusive financial advisor to Pivot Energy on the transaction.