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.
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Pivot Energy Secures $450M in Financing of Distributed Generation Portfolios
Consider the meme here, and then remember that the nine of the ten poorest states in the U.S. (Mississippi, Louisiana, West Virgina, Kentucky, Arkansas, Alabama, Oklahoma, Tennessee, and South Carolina) are all bright red.
How do they get away with stupidity like this?
Well, there’s the bottom of the state rankings for education:
- 46. Mississippi
- 47. Kentucky
- 48. Louisiana
- 49. Arkansas
- 50. West Virginia
Do you see any correlation?
Republican Operatives Are Tenacious as Messaging–And Truth Has No Bearing on It
Good question here at left.
To me, it depends.
If the person seems intelligent enough to be able to hold a thought in his head that opposes his current beliefs, I’d actively encourage the discussion. Otherwise, I’m out. No need to raising someone’s temper for no reason or gain.
To the jackass who sent me the meme here: What about the 5 million Americans who moved to Canada? What about the steady flow of Americans expatriating to Costa Rica, New Zealand, Australia, Iceland and Northern Europe?
My wife and I have two kids and a grandchild in the States, and we have a gaggle of medicos to address the various health conditions associated with aging. If that weren’t the case, I’d be writing this from Stockholm or Aukland.
I wouldn’t be looking for a “utopia,” just an escape from the frustration, anger, and sadness that I feel every day, as I watch the country I love deteriorate into authoritarianism.
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