Pivot Energy Secures $450 Million in Financing for 300 MW Solar Projects

Credit: Pivot Energy

US provider has announced a $450 million financing package to support the construction of 300 MW DC of 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 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 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.”

Add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Keep Up to Date with the Most Important News

By pressing the Subscribe button, you confirm that you have read and are agreeing to our Privacy Policy and Terms of Use