Pivot Energy closes funding on 90MW solar portfolio

• Pivot will certainly build, have, and also operate the 40 dispersed generation solar plants in six different states.

Pivot Energy introduced the closing of a $190 million funding facility to sustain a multi-state portfolio of distributed generation solar projects. The 90MW portfolio comprises over 40 solar projects, about 80% community solar, and also 20% commercial as well as industrial (C&I) power purchase agreements (PPAs).

This is the first portfolio of projects Pivot will build, possess, and run considering that it was obtained by ECP in June 2021. Along with C&I PPAs, clients consist of community solar memberships for commercial clients, homeowners, and also almost 1,200 low- to moderate-income families. The portfolio includes projects situated in New York, Illinois, Colorado, Minnesota, California, as well as New Jersey.

Silicon Valley Bank (SVB) will certainly lead the debt centers as well as Foss & Company (Foss) will certainly make the tax equity financial investment. The debt purchase led by SVB includes a building and construction funding, tax equity swing loan, and permanent lending-- which, coupled with the tax equity investment from Foss, will certainly make it possible for Pivot to totally build, run, and also possess this portfolio

"Making solar obtainable to a lot more Americans is crucial in efforts to combat climate change, as well as the community solar memberships and PPA possibilities in this portfolio offer households as well as businesses an easy means to join the advantages of solar energy," stated Bret Turner, Head of Project Financing, Business Development, and also Innovation for Silicon Valley Bank.

All projects in the portfolio will certainly be managed via SunCentral, Pivot's exclusive community solar customer administration and acquisition platform.