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.
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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.
