Pivot Energy announced the closing of a $190 million financing facility to support a multi-state portfolio of distributed generation solar projects.
Silicon Valley Bank (SVB) will lead the debt facilities and Foss & Company (Foss) will make the tax equity investment. The 90 megawatt (MW) portfolio comprises over 40 solar projects, approximately 80 percent community solar, and 20 percent commercial and industrial (C&I) power purchase agreements (PPAs).
The debt transaction led by SVB includes a construction loan, tax equity bridge loan, and permanent loan — which, coupled with the tax equity investment from Foss, will enable Pivot to fully construct, operate, and own this portfolio, Tom Hunt, CEO of Pivot Energy, said.
CohnReznick Capital acted as the exclusive financial advisor to Pivot Energy on the transaction. Stoel Rives acted as counsel for Pivot, Milbank acted as counsel for SVB, and Winthrop & Weinstine acted as counsel for Foss.