Pivot Energy closes financing facility for 100 MW of solar projects
Pivot Energy just announced the closing of a $200+ million financing facility to support a portfolio of solar projects across multiple states. This initiative includes 35 community and C&I solar projects that will be developed and operated by Pivot Energy, with a total capacity of 100 MWdc.
| Sectors | Solar Energy, Photovoltaic |
|---|---|
| Themes | Investments & Transactions, Financing, Project Development |
Pivot Energy announces the closing of nearly $203 million in financing to support a multi-state solar energy portfolio in the U.S. Silicon Valley Bank will lead the debt facilities, while Foss & Company will make the initial tax equity investment.
35 projects
The 100 MWdc portfolio includes 35 projects to enter commercial operation between the second quarter of 2023 and the second quarter of 2024. This is the second portfolio of projects that Pivot will build, own and operate since its strategic acquisition by ECP in June 2021.
Community solar subscribers in this portfolio include commercial customers such as municipalities, health care facilities, food services and retailers, as well as residential customers and approximately 8,000 low-income households.
This broader portfolio includes the largest community solar portfolio for low-income households developed to date. It is strategically diverse in terms of project types, client delivery agreements and geographic coverage with projects in seven U.S. states. This geographic and customer diversity is beneficial in bringing clean solar energy to more Americans and strengthening the long-term financial prospects of the portfolio.
