This is the first portfolio of projects that Pivot will build, own and operate since its acquisition by ECP in June 2021. In addition to PPA C&I, customers include Community Solar Subscriptions for Commercial Customers, Residents, and Nearly 1,200 Low- to Medium-Income (LMI) households. The portfolio presents strategic diversity between project types, customer acquisition arrangements and geographical scope with projects located in New York, Illinois, Colorado, Minnesota, Californiaand New Jersey. This diversity is beneficial both for providing clean solar energy to more Americans and for strengthening the long-term economic prospects of the portfolio.
The SVB-led debt transaction includes a construction loan, a bridge tax loan and a permanent loan – which, combined with Foss’s equity investment, will allow Pivot to fully build, operate and own this portfolio. .
SVB is a global financial services provider with unique know-how in Community solar financing, making it an ideal partner to head the lending facility for this portfolio. Foss has also funded several strategic Community solar portfolios with other Community solar manufacturers in recent years.
Brett TurnerHead of Project Finance, Business Development and Innovation at Silicon Valley Bank, he said: “We look forward to working with Pivot Energy to fund this solar portfolio. “and the Community ‘s solar subsidies and PPA opportunities in this portfolio offer households and businesses an easy way to share in the benefits of solar energy.”
Bryen AlperinFoss & Company, Director of Renewable Energy and Sustainable Technology, said: “We are pleased to partner with Pivot Energy as they launch this new portfolio. This portfolio will extend access to clean, low-cost, low-cost electricity for small businesses. “Investments promote our goal of using tax rights in under-served segments of the market, while creating significant environmental benefits.”
Tom Hunt“SVB and Foss have been ideal partners for Pivot as we work to implement this portfolio. We are excited about the unique opportunity it offers as our first privately owned portfolio nationwide. “Our partnerships with SVB and Foss as we work to increase our solar footprint across the country, making a positive contribution to the environment, our communities and our investors.”
CohnReznick Capital acted as the sole financial advisor to Pivot Energy for the transaction. Chair Rives acted as an advisor to Pivot, Milbank acted as an advisor to SVB and Winthrop & Weinstine acted as an advisor to Foss.
All portfolio projects will be managed through SunCentralPivot, the industry-leading proprietary management and acquisition platform for solar subscribers.
About Pivot Energy
Pivot Energy is a national solar energy provider that develops, finances, manufactures, owns and manages solar energy and energy storage projects. Pivot offers a distributed energy platform that includes a range of services and software aimed at serving the complete solar ecosystem. Pivot is a certified B-Corporation that proudly pursues a corporate strategy that aims to have a positive impact on society, as measured by environmental management, social leadership and responsible governance (ESG) agents. Learn more at pivotenergy.net.
About Silicon Valley Bank
Silicon Valley Bank (SVB) helps innovative companies and investors come up with bold ideas quickly. SVB provides targeted financial services and know-how through its offices in innovation centers around the world. The bank’s project financing team works with project owners, sponsors and investors to finance major residential, commercial and industrial projects and utilities. Learn more at svb.com/industry-solutions/cleantech-and-sustainability.
About Foss & Company
Founded in 1983, Foss & Company is a national tax capital investor and fund sponsor that has developed $ 7 billion in tax equity on behalf of insurance, banking and other large corporate clients in historic remediation projects, renewable energy sources and advanced power plants. Foss & Company is a full service consultant with proven expertise in helping our partners navigate the world of tax equity investments. For more information, visit www.fossandco.com.
SOURCE Pivot Energy