Pivot Energy closed a $173 million term loan facility supporting a portfolio of 51 community-scale solar projects totaling 135 MWdc across six states. First Citizens Bank, Huntington Bank, and BankUnited provided the takeout financing.
The transaction represents Pivot Energy’s first term loan financing.
The facility refinances projects previously funded through Pivot’s construction warehouse and consolidates its first three portfolios under a single term structure.
Pivot said the financing also frees capacity within its revolving construction facility, allowing the company to continue building additional renewable energy projects.
The 51-project portfolio includes distributed-scale solar developments serving communities and customers across six states.
Pivot develops, owns, and operates solar and energy storage projects across the U.S.
The company said the new capital structure gives it additional flexibility to expand while continuing investments in community benefits, agrivoltaics, local employment, and economic development.
Pivot Energy is an ECP portfolio company.
KEY QUOTES:
“Closing our first term loan across a consolidated portfolio is an important step for Pivot. We’re grateful to First Citizens, Huntington, and BankUnited, who have supported Pivot from the start. This financing gives us the flexibility to grow faster and deliver lasting value where our projects are built.”
Bret Labadie, Chief Financial Officer of Pivot Energy
“This financing reflects the strength and diversity of Pivot’s distributed solar portfolio, and we’re proud to support the company through its next stage of growth.”
Mike Lorusso, Head of Energy Finance at First Citizens Bank
