Pivot Energy secures US$203mn financing for 100 MW multi-state distributed solar portfolio

Pivot Energy has secured approximately US$203 million to support its diverse portfolio of distributed generation solar projects across multiple states in the US. The portfolio consists of 35 community solar and C&I (commercial and industrial) projects with a total capacity of 100 MWdc. These projects are expected to commence commercial operation between Q2 of 2023 and Q2 of 2024.

The community solar subscribers in this portfolio include a diverse range of clients, such as municipalities, healthcare facilities, food service, retail, residential customers, and about 8,000 low-to-moderate income (LMI) households. The projects span across Colorado, Minnesota, Illinois, New York, Hawaii, Maryland, and California, enhancing the accessibility of clean solar energy for a wider range of Americans while strengthening the long-term financial outlook of the portfolio.

SVB will serve as the Coordinating Lead Arranger (CLA), Sole Bookrunner, and Administrative Agent alongside J.P. Morgan, National Bank of Canada, Bank United, Cadence, and Comerica. This debt transaction includes a construction loan, tax equity bridge loan, and term loan. Foss & Co. has provided the initial tax equity investment, complementing the debt financing and enabling Pivot to successfully construct, operate, and own the portfolio.

The transaction was facilitated with the assistance of CohnReznick Capital as the exclusive financial advisor to Pivot Energy, with Stoel Rives, Milbank, and Winthrop & Weinstine serving as legal counsels for Pivot, SVB, and Foss, respectively.