US renewables developer Pivot Energy has secured a US$100 million revolving development loan facility to fund its solar and storage pipeline across the US.
Provided by Fundamental Renewables, a debt financing provider, the facility will accelerate the development and initial construction efforts of Pivot’s distributed generation solar projects pipeline throughout the loan’s three-year term.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
The financial flexibility will allow Pivot to keep pursuing its development strategy across its commercial and community solar portfolio.
Mark Domine, managing director, head of originations at Fundamental Renewables, said: “We are excited to forge this relationship with Pivot Energy to expand their already robust portfolio, particularly in community solar projects that will have a significant impact in making solar energy more accessible throughout the country.”
Within its community solar projects, Pivot Energy operates in Colorado – where it recently started the development of a 41MW project for utility Xcel Energy – Illinois, New York and Minnesota.
Fundamental Renewables is the renewable and clean energy investment arm of Fundamental Advisors LP, which financed a US$250 million existing credit facility earlier in the year for US solar developer Birch Creek Development.