Energy, an impact-focused independent power producer of distributed-scale solar and energy storage, closed a bilateral $500 million corporate credit facility with Nuveen Energy Infrastructure Capital (Nuveen EIC), part of the $2.6 trillion asset management firm wholly owned by TIAA.
The three-year facility supports Pivot, an ECP portfolio company, by financing late-stage project development and equipment procurement and by providing additional capacity in line with Pivot’s growing operating asset base. The financing will help Pivot bring more solar and battery storage online where it is needed most, including dispatchable projects sited on constrained parts of the grid to improve reliability and help lower costs for ratepayers. By the end of 2029, Pivot expects to have over 1 gigawatt of solar and more than 700 megawatt-hours of energy storage assets in operation.
“This is the most transformational financing in Pivot’s history,” Tom Hunt, CEO of Pivot Energy, said. “It reflects how far we’ve come, from an early-stage developer to an established IPP that owns and operates the assets we build. Nuveen EIC’s partnership gives us the capital to bring locally sited solar and storage projects online faster, delivering affordable, clean energy to the communities and customers we serve. We see this as the start of a long-term partnership and a key to unlock our bold growth trajectory.”
Don Dimitrievich, head of Nuveen EIC, added, “Pivot has built an experienced team with a strong track record of developing, building and operating high-quality distributed generation assets. Distributed solar and storage are a core focus for Nuveen EIC, and we’re pleased to provide bespoke, tailored capital to support Pivot’s next phase of growth.”
