Pivot Energy bags USD 100m in debt for new solar, storage projects

US distributed energy projects developer Pivot Energy has obtained USD 100 million (EUR 101.9m) in debt from compatriot Fundamental Renewables to bankroll the development of its solar and energy storage projects at home.

The debt finance firm has extended a revolving development loan facility to Pivot Energy, the latter said on Tuesday. It will allocate the money for a portfolio of projects, including commercial and community solar photovoltaic (PV) schemes across the US.

The debt was signed for a term of three years.

"We are excited to forge this relationship with Pivot Energy to expand their already robust portfolio, particularly in community solar projects that will have a significant impact in making solar energy more accessible throughout the country,” said Mark Domine, Managing Director, Head of Originations at Fundamental Renewables.

Set up in 2009, Pivot Energy develops, finances, builds, owns, and manages solar and energy storage projects. This summer, it acquired Maryland-based community solar specialist SGC Power to pursue substantial growth over the years to come.

(USD 1.0 = EUR 1.019)

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