Pivot Energy has secured a $450 million debt warehouse facility, led by First Citizens Bank, which includes new strategic partner ATLAS SP Partners, the warehouse finance and securitized products business majority owned by Apollo funds.
Pivot also closed on a structured equity investment from HA Sustainable Infrastructure Capital (HASI) in a new project joint venture. Together, these financing structures are slated to support the construction of 300 MW of distributed generation projects that Pivot is developing across the U.S.
The portfolio consists of 96 projects, the majority of which are community solar with the remaining being single off-take PPAs for commercial clients. The projects are expected to be operational within the next two years, and are located across California, Colorado, Delaware, Hawaii, Illinois, Maryland, Minnesota, New York and Virginia.
“Pivot is redefining how to finance portfolios of distributed generation solar projects at scale which reflects our mission to advance the renewable energy transition,” says Bret Labadie, CFO of Pivot. “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.”
The debt warehouse facility also included support from existing lenders Bank United, Comerica and Cadence Bank.
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.
The post Pivot Energy Secures $450M in Financing of Distributed Generation Portfolios appeared first on Solar Industry.
Pivot Energy Secures $450M in Financing of Distributed Generation Portfolios
Barack Obama read the actual GOP agenda to a roaring Atlanta crowd Wednesday: a $1 trillion tax cut for millionaires and billionaires, paid for with higher health care costs and Medicaid cuts. Plus a war in Iran that everyone warned would push prices up. “(Democrats will) ban hamburgers and make everybody eat tofu,” he joked.
The meme here makes sense–until you realize that the most productive, happiest people on Earth live in Scandinavia and the other social democracies scattered around the globe.
Providing everyone with the opportunity to succeed seems to work quite well in the real world.
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How Startups Find Problems Worth Solving, w/ Teemu Vekkeli
Teemu Vekkeli, Principal at Vekkeli Advisory, joins to discuss VC versus bootstrapping, budget cycles, and problems worth solving. Plus why trust drives sales in Japan, what site technicians know, and why every pitch eventually has to convince the CFO.
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