Pivot Energy, an impact-focused independent power producer of distributed-scale solar and energy storage, closed a $173 million term loan facility for a portfolio of 51 community-scale solar projects totaling 135 Megawatts (MWdc) across six states.
Long-time financial partners First Citizens Bank, Huntington Bank and BankUnited provided the takeout financing. The facility refinances the projects from Pivot’s construction warehouse and consolidates Pivot’s first three portfolios under a single term structure, marking the company’s first term loan financing. The transaction also frees up capacity in Pivot’s revolving construction facility to support continued construction of additional projects.
“Closing our first term loan across a consolidated portfolio is an important step for Pivot,” Bret Labadie, chief financial officer at Pivot Energy, said. “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, from community investment and agrivoltaics to local jobs and economic development. As the electricity landscape becomes more complex, we’re proud to work alongside utilities, corporate energy buyers and ratepayers to deliver local, reliable power that strengthens the grid.”
“First Citizens is pleased to continue building on our long-standing relationship with 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.”
