Pivot Energy, a national renewable energy provider and independent power producer, entered three important financing agreements totaling $225 million.
The financing includes a $170 million upsize to an existing construction warehouse facility with ATLAS SP and First Citizens Bank, supporting a new portfolio of approximately 60 community solar projects, equivalent to 225 Megawatts (MW) in Illinois, Colorado, Maryland, Virginia, New York, Pennsylvania, Delaware, Michigan, and California. The financing also includes a $40 million equipment facility with First Citizens, supporting purchases of domestically made solar panels from Silfab Solar, and a $15 million corporate financing facility with Comerica Bank.
Backed by Energy Capital Partners, a private owner of power generation, Pivot is positioned to continue scaling distributed generation nationwide.
“We deeply appreciate the expanded commitments from ATLAS, First Citizens and Comerica, proving the benefit of strong partnerships and that the momentum is strong for the renewable energy industry,” Tom Hunt, CEO of Pivot Energy, said. “Pivot Energy continues to show its strength in its strategic diversity and plans to keep growing and building distributed generation projects that contribute to a reliable electricity grid, help lower electricity prices and meet energy demand across the country.”
Spencer Hunsberger, head of energy origination at ATLAS, said, “Pivot continues to prove its ability to develop, build and manage community solar projects across diverse markets. ATLAS is proud to support Pivot’s growth during a dynamic policy environment by committing the majority of the recent warehouse upsize. This expanded facility helps unlock the next phase of growth for Pivot, and we look forward to seeing the impact of these projects in advancing clean energy goals nationwide.”
Mike Lorusso, head of First Citizens Bank’s energy finance business, said, “We are pleased to continue to build upon our relationship with Pivot Energy. Our team worked collaboratively to significantly expand the construction warehouse we closed last year, while structuring a long-term equipment financing facility that secures Pivot’’ access to safe-harbored investment tax credits for years to come. With this latest financing, Pivot is well-positioned to accelerate growth and confidently execute its renewable energy pipeline.”
