Pivot Energy secures USD 203m for US dispersed solar projects
- United States solar company Pivot Energy has secured a USD-203-million (EUR 185.0 m) funding facility to sustain the building, operation as well as ownership of a multi-state portfolio of dispersed generation solar projects with an integrated capacity of 100 MWdc.
The financing package consists of financial debt facilities led by Silicon Valley Bank (SVB), a department of First Citizens Bank, and a first tax obligation equity financial investment from Foss & Company, a press release said on Tuesday.
The portfolio is composed of 35 community solar as well as industrial and industrial (C&I) projects throughout Colorado, Minnesota, Illinois, New York City, Hawaii, Maryland and also California. The sites are anticipated to come to be functional in between the second quarter of 2023 as well as the 2nd quarter of 2024.
The community solar customers in the portfolio consist of commercial customers such as municipalities, medical care centers, food solution and retail; residential clients; and around 8,000 low-to-moderate income (LMI) households.
Pivot noted in the declaration that the financing marks its second portfolio of projects the company will build, possess as well as run given that it was acquired by energy transition-focused capitalist ECP in June 2021. The Denver, Colorado-based company in October 2022 acquired USD 100 million in debt to money the development of its solar and also energy storage projects in the house.