Pivot Energy, a national renewable energy provider and independent power producer, secured a $450 million debt warehouse facility, led by long-time partner First Citizens Bank, which includes new strategic partner ATLAS SP Partners, the warehouse finance and securitized products business majority owned by Apollo funds._x000D_
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In addition, Pivot closed on a structured equity investment from HA Sustainable Infrastructure Capital (HASI) in a new project joint venture. Together, these innovative financing structures will support the construction of 300 Megawatts DC of distributed generation projects that Pivot is developing across the United States._x000D_
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“Pivot is redefining how to finance portfolios of distributed generation solar projects at scale which reflects our mission to advance the renewable energy transition,” Bret Labadie, chief financial officer of Pivot, said. “We are thrilled to expand our longstanding partnership with First Citizens Bank and welcome new relationships with key institutions like ATLAS and HASI, all of which are deeply respected in the clean energy space.”_x000D_
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The $450 million debt warehouse facility is supported by existing lenders Bank United, Comerica and Cadence Bank. The new strategic relationship with ATLAS is aimed at providing additional debt takeout optionality by leveraging ATLAS’ expertise in the solar asset-backed securitization space._x000D_
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This warehouse facility is specifically designed to meet the challenges of developing and constructing community-scale solar projects and to support the initial portfolio of community solar projects underway._x000D_
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“We are pleased to build upon our partnership with Pivot Energy,” Bret Turner, managing director of First Citizens Bank’s energy finance business, said. “Our team worked collaboratively to solve a market obstacle in distributed generation, designing an innovative construction warehouse that will further help the company scale efficiently.”_x000D_
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“We are pleased to support Pivot with financing to develop, build and manage community-level solar and energy storage projects,” Spencer Hunsberger, head of energy origination at ATLAS, said. “Leveraging our expertise in securitizing solar-related assets, we are confident that Pivot can continue to make progress on its energy transition goals and meet the growing need for renewable energy solutions across the United States.”_x000D_
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“We admire Pivot’s strategy and proven success in powering progress for local communities at scale,” Daniela Shapiro, senior managing director of HASI, said. “We are proud to partner with Pivot in this new joint venture to support their mission to increase equitable access to clean energy and cost savings for local communities.”_x000D_
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CRC-IB acted as exclusive financial advisor to Pivot, and Stoel Rives acted as exclusive legal advisor. Milbank acted as legal advisor to First Citizens Bank, and Sheppard Mullin acted as legal advisor to HASI.
Forward for Specialty Finance
