Silicon Valley Financial institution will give the debt funding, and Foss & Business will present the tax equity investment for the portfolio.
DENVER, April 18, 2022 /PRNewswire/ — Today, Pivot Energy is energized to announce the closing of a $190 million funding facility to help a multi-state portfolio of distributed generation photo voltaic jobs. Silicon Valley Bank (SVB) will direct the debt amenities and Foss & Company (Foss) will make the tax equity financial investment. The 90 megawatt (MW) portfolio includes about 40 solar assignments, close to 80% neighborhood solar, and 20% business and industrial (C&I) power invest in agreements (PPAs).
This is the initially portfolio of initiatives Pivot will make, very own, and work considering that its strategic acquisition by ECP in June 2021. In addition to C&I PPAs, clientele consist of neighborhood photo voltaic subscriptions for business shoppers, citizens, and approximately 1,200 minimal-to-moderate revenue (LMI) homes. The portfolio exhibits strategic diversity across venture kinds, client offtake arrangements, and geographic access with projects positioned in New York, Illinois, Colorado, Minnesota, California, and New Jersey. This variety is helpful each in bringing clear photo voltaic energy to additional Us citizens and strengthening the portfolio’s extensive-time period fiscal outlook.
The credit card debt transaction led by SVB contains a building financial loan, tax equity bridge financial loan, and long-lasting loan—which, coupled with the tax fairness investment decision from Foss, will help Pivot to completely construct, function, and personal this portfolio.
SVB is a worldwide fiscal expert services company with exclusive experience in local community solar funding, creating them an ideal companion to serve as the lead arranger of the credit card debt facility for this portfolio. Foss has also financed many strategic community solar portfolios with other local community solar builders in recent yrs.
Bret Turner, Head of Venture Finance, Company Progress, and Innovation for Silicon Valley Lender, said, “We are thrilled to get the job done with Pivot Energy to offer financing for this solar portfolio. Creating solar obtainable to much more People is important in initiatives to beat climate improve, and the local community photo voltaic subscriptions and PPA possibilities in this portfolio present homes and organizations an quick way to participate in the added benefits of solar energy.”
Bryen Alperin, Director of Renewable Vitality and Sustainable Technological innovation at Foss & Business, mentioned, “We are pleased to perform with Pivot Power as they start this new portfolio. This portfolio will extend access to thoroughly clean reduced-value energy for tiny businesses and households. This impactful investment furthers our purpose of deploying tax equity into under-served segments of the industry, although making considerable environmental benefits.”
Tom Hunt, CEO of Pivot Strength, reported, “SVB and Foss have been perfect associates for Pivot as we perform to deliver this portfolio to fruition. We are energized about the unique chance this presents as our very first owned portfolio on a national scale. We seem ahead to our continued partnerships with SVB and Foss as we perform to improve our solar footprint throughout the country, positively contributing to the natural environment, our communities, and our buyers.”
CohnReznick Money acted as the distinctive economical advisor to Pivot Electrical power on the transaction. Stoel Rives acted as counsel for Pivot, Milbank acted as counsel for SVB, and Winthrop & Weinstine acted as counsel for Foss.
All jobs in the portfolio will be managed by way of SunCentral, Pivot’s market-primary proprietary group solar subscriber management and acquisition platform.
About Pivot Energy
Pivot Strength is a national solar service provider that develops, finances, builds, owns, and manages photo voltaic and electricity storage tasks. Pivot provides a distributed power platform that features a vary of companies and software aimed at serving the whole solar ecosystem. Pivot is a Accredited B-Company that proudly follows a corporate tactic aimed at providing a optimistic effects on culture as measured by Environmental stewardship, Social leadership, and dependable Governance (ESG) factors. Learn much more at pivotenergy.web.
About Silicon Valley Lender
Silicon Valley Bank (SVB) assists revolutionary organizations and traders move daring ideas forward, rapid. SVB provides focused economical companies and expertise by its offices in innovation centers around the planet. The bank’s project finance group works with challenge proprietors, sponsors and buyers to finance massive residential, commercial and industrial, and utility-scale jobs. Find out more at svb.com/market-answers/cleantech-and-sustainability.
About Foss & Firm
Launched in 1983, Foss & Organization is a nationwide tax fairness trader and fund sponsor that has deployed above $7 billion in tax fairness on behalf of insurance coverage, banking, and other big company consumers into historic rehabilitation initiatives, renewable electricity and superior vitality output amenities. Foss & Company is a whole-service advisor with demonstrated know-how in serving to our partners navigate the earth of tax equity investments. For added information, take a look at www.fossandco.com.
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Source Pivot Electrical power