Silicon Valley Bank will provide the debt financing and Foss & Company will provide the taxable equity investment for the portfolio.
DENVER, April 18, 2022 /PRNewswire/ — Today, Pivot Energy is pleased to announce the completion of a $190 million Financing facility to support a multi-state portfolio of distributed generation solar projects. Silicon Valley Bank (SVB) will manage the credit facilities and Foss & Company (Foss) will manage the tax participation. The 90 megawatt (MW) portfolio includes over 40 solar projects, approximately 80% municipal solar systems and 20% commercial and industrial (C&I) power purchase agreements (PPAs).
This is the first portfolio of projects that Pivot will build, own and operate since its strategic acquisition by ECP in June 2021. In addition to C&I PPAs, customers include municipal solar subscriptions for commercial customers, residents and nearly 1,200 low-middle-income (LMI) households. The portfolio demonstrates strategic diversity in terms of project types, customer off-take agreements and geographic reach with projects in new York, Illinois, Colorado, Minnesota, Californiaand New Jersey. This diversity will help both bring clean solar power to more Americans and strengthen the portfolio’s long-term financial prospects.
The SVB-led debt transaction includes a construction loan, a bridge loan with tax participation and a standing loan which, in conjunction with Foss’ tax participation, will allow Pivot to fully build, operate and own this portfolio.
SVB is a global financial services provider with unique expertise in municipal solar finance, making them an ideal partner to act as lead arranger of the credit facility for this portfolio. In addition, Foss has funded several strategic community solar portfolios with other community solar developers in recent years.
Bret TurnerHead of Project Finance, Business Development, and Innovation at Silicon Valley Bank said, “We are pleased to partner with Pivot Energy to provide financing for this solar portfolio. Making solar energy accessible to more Americans is critical in efforts to combat climate change. and the municipal solar subscription and PPA opportunities in this portfolio offer homes and businesses an easy way to share in the benefits of solar energy.”
Bryen AlperinDirector of Renewable Energy and Sustainable Technology at Foss & Company, said: “We are delighted to be working with Pivot Energy on the launch of this new portfolio. This portfolio will expand access to clean, affordable power for small businesses and homes. This is a powerful investment that drives our goal of deploying tax justice in underserved market segments while delivering significant environmental benefits.”
tom huntPivot Energy CEO said: “SVB and Foss have been ideal partners for Pivot as we work to make this portfolio a success. We are excited about the unique opportunity this presents as our first nationally owned portfolio. We look forward to our continued partnerships with SVB and Foss as we work to increase our solar footprint across the country and make a positive contribution to the environment, our communities and our investors.”
CohnReznick Capital acted as exclusive financial advisor to Pivot Energy on the transaction. Stoel Rives acted as legal counsel for Pivot, Milbank acted as legal counsel for SVB and Winthrop & Weinstine acted as legal counsel for Foss.
All projects in the portfolio are managed through SunCentral, Pivot’s industry-leading proprietary community platform for managing and acquiring solar subscribers.
About Pivot Energy
Pivot Energy is a national solar provider that develops, finances, builds, owns and manages solar and energy storage projects. Pivot offers a decentralized energy platform comprising a range of services and software aimed at serving the entire solar ecosystem. Pivot is a certified B Corporation that proudly follows a corporate strategy that aims to have a positive impact on society as measured by the factors of environmental responsibility, social leadership and responsible corporate governance (ESG). Learn more at pivotenergy.net.
About Silicon Valley Bank
The Silicon Valley Bank (SVB) helps innovative companies and investors to quickly advance bold ideas. SVB provides targeted financial services and expertise through its offices in innovation hubs around the world. The bank’s project finance group works with project owners, sponsors and investors to finance major residential, commercial, industrial and utility projects. Learn more at svb.com/industry-solutions/cleantech-and-sustainability.
About Foss & Company
Founded in 1983, Foss & Company is a national tax participation investor and fund sponsor that has evolved for over 20 years 7 billion dollars in tax justice on behalf of insurance companies, banks and other large corporate clients in historic redevelopment projects, renewable energy and advanced power generation assets. Foss & Company is a full-service advisor with proven expertise in helping our partners navigate the world of tax participation investing. Visit www.fossandco.com for more information.
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SOURCE Pivot Energy