Pivot Energy secures USD 203m for US distributed solar projects

US solar provider Pivot Energy has secured a USD-203-million (EUR 185.0m) financing facility to support the construction, operation and ownership of a multi-state portfolio of distributed generation solar projects with a combined capacity of 100 MWdc.

The financing package includes debt facilities led by Silicon Valley Bank (SVB), a division of First Citizens Bank, and an initial tax equity investment from Foss & Company, a press release said on Tuesday.

The portfolio is composed of 35 community solar and commercial and industrial (C&I) projects across Colorado, Minnesota, Illinois, New York, Hawaii, Maryland and California. The sites are expected to become operational between the second quarter of 2023 and the second quarter of 2024.

The community solar subscribers in the portfolio include commercial clients such as municipalities, healthcare facilities, food service and retail; residential customers; and around 8,000 low-to-moderate income (LMI) households.

Pivot noted in the statement that the financing marks its second portfolio of projects the company will build, own and operate since it was acquired by energy transition-focused investor ECP in June 2021. The Denver, Colorado-based firm in October 2022 obtained USD 100 million in debt to bankroll the development of its solar and energy storage projects at home.

(USD 1 = EUR 0.911)

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