Pivot Energy Completes USD 200 Mn Financing Facility for 100 MW of Distributed Solar Projects Across Multiple States

Pivot Energy announce the closing of 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 & Company (Foss) will make the initial tax equity investment.

The 100 MWdc portfolio comprises 35 community solar and C&I projects planned to reach commercial operation (COD) 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 community solar subscribers in this portfolio include commercial clients including municipalities, healthcare facilities, food service, and retail; residential customers; and approximately 8,000 low-to-moderate income (LMI) households.

This broader portfolio comprises the most extensive LMI community solar portfolio developed to date. It exhibits strategic diversity across project types, client offtake arrangements, and geographic reach with projects in Colorado, Minnesota, Illinois, New York, Hawaii, Maryland, and California.

This geographic and customer diversity is beneficial in bringing clean solar energy to more Americans and strengthening the portfolio's long-term financial outlook.

Bret Turner, Head of Project Finance, Business Development, and Innovation for Silicon Valley Bank, said, "Pivot Energy and ECP are front runners in transitioning our energy sources to affordable, clean, renewable energy for all, accelerating the growth of community solar across the United States. We are pleased to have led and structured this portfolio of solar projects across 35 sites in 7 key markets. We appreciate the confidence and trust placed in the team at SVB to continue moving this asset class forward."

Bryen Alperin, Managing Director at Foss & Company, said, "We are delighted to partner with Pivot Energy on this innovative portfolio. This initiative will expand access to clean, affordable energy for small businesses and low-income households, reinforcing our commitment to invest in tax equity within under-served market segments. Furthermore, it is expected to generate substantial environmental benefits, aligning with our vision for a more sustainable future."

Bret Labadie, Chief Financial Officer of Pivot Energy, said, "I am very proud of the entire Pivot team on this incredible accomplishment as we continue to build a strong operating portfolio base. This transaction additionally highlights that SVB continues to be a leader in the community solar financing space. 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."