Pivot Energy, based in the US, has received a $190 million financing arrangement to help develop its multi-state portfolio of distributed generation solar projects. Silicon Valley Bank (SVB), a part of SVB Financial Group, will lead the debt facilities, with Foss & Company (Foss) agreeing to make the tax equity investment.
Reportedly, a construction loan, a tax equity bridge loan, and a permanent loan are the financing instruments led by SVB. They will also be connected to a tax equity investment from Foss, which will aid Pivot in the development, operation, and ownership of this portfolio. The projects are located in New York, Illinois, Colorado, Minnesota, California, and New Jersey, among other places. It is supposed to be Pivot Energy’s first project since being acquired by ECP in June 2022. SunCentral, Pivot’s proprietary community solar subscriber management and acquisition platform, will manage Pivot’s project portfolio.
Furthermore, CohnReznick Capital served as Pivot Energy’s exclusive financial adviser, while Stoel Rives served as its counsel in this transaction. Milbank acted as counsel for SVB, and Winthrop & Weinstine acted as counsel for Foss. Pivot Energy has a 90 MW portfolio of 40 solar projects, the majority of which are community solar projects (80 per cent). Commercial and industrial power purchase agreements account for the remaining 20 per cent.
