US renewable energy provider Pivot Energy has announced a $450 million financing package to support the construction of 300 MW DC of solar projects, primarily focused on distributed generation (DG).
The funding, a combination of debt and structured equity investment, will enable Pivot Energy to develop and bring online 96 solar projects across nine states within the next two years.
The majority of these projects are community solar, with the remainder based on single off-take power purchase agreements (PPAs) for commercial clients.
The debt financing includes a warehouse facility provided by First Citizens Bank and ATLAS SP Partners, a warehouse finance business majority owned by Apollo funds. Pivot Energy's existing lenders, Bank United, Comerica, and Cadence Bank, also supported the transaction.
In addition, climate solutions investor HA Sustainable Infrastructure Capital Inc (HASI) has made a structured equity investment, creating a joint venture focused on the 300-MWp portfolio. This joint venture may also pursue tax credit sales directly to large corporations.
Pivot Energy stated that the combination of large-scale debt and structured equity financing positions the company to “deliver impactful renewable energy projects to help meet growing demand for clean energy.”
