Pivot Energy secures US$200 million financing from Silicon Valley Bank for 100MW PV portfolio

Facebook
Twitter
LinkedIn
Reddit
Email
An operational solar project in Colorado. Image: Pivot Energy.

US renewables developer Pivot Energy has closed a US$203 million financing facility to fund 100MW of distributed solar PV projects across numerous states.

The debt facilities were led by Silicon Valley Bank (SVB), the recently collapsed bank which raised concerns for the US distributed and community solar market.

This article requires Premium SubscriptionBasic (FREE) Subscription

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

This is the first loan that SVB has made since its acquisition by First Citizens Bank. Foss & Company will make the initial tax equity investment for the portfolio.

35 community solar and commercial & industrial (C&I) solar projects constitute the 100MW portfolio capacity, spread across Colorado, Minnesota, Illinois, New York, Hawaii, Maryland, and California.

The projects are expected to be in operation between Q2 2023 and Q2 2024. Pivot said that the community solar projects will be servicing 8,000 low- to middle-income (LMI) households, as well as municipalities, healthcare facilities and other commercial clients.

The company said that it is the ‘most extensive’ LMI community solar portfolio to date. Its community solar subscriber management platform, SunCentral, will manage the portfolio projects throughout the operation.

Head of project finance, business development, and innovation at SVB, Bret Turner, said: “Pivot Energy and ECP are front runners in transitioning our energy sources to affordable, clean, renewable energy for all, accelerating the growth of community solar across the United States. We are pleased to have led and structured this portfolio of solar projects across 35 sites in 7 key markets. We appreciate the confidence and trust placed in the team at SVB to continue moving this asset class forward.”

Community solar in the US is set to more than double in the next five years, according to research analyst Wood Mackenzie, as a result of the Inflation Reduction Act’s incentives.

In October, Pivot Energy secured a US$100 million loan to fund the development of its US solar and storage pipeline.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
11 March 2025
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

July 15, 2024
Rio Tinto has announced a plan to build a 80MW solar PV plant to supply power to its company’s iron ore operations in the Pilbara region.
July 15, 2024
US solar racking producer Unirac has said that its mounting and racking systems can help solar developers qualify for Domestic Content tax credits.
July 15, 2024
Chinese solar module manufacturer Jinko Solar has secured two contracts to supply 150MW of modules to two solar PV projects in Algeria.
July 15, 2024
Green hydrogen and renewable energy developer Climate Impact Corporation (CIC) announced its intention last week (10 July) to develop two 10GW green hydrogen projects in South Australia and Northern Territory using solar PV.
July 12, 2024
Canadian asset owner Brookfield has acquired a majority stake in Indian clean power company Leap Green Energy in a US$200 million equity investment.
July 12, 2024
China started conducting a trade and investment barrier investigation on the measures used in the EU’s Foreign Subsidies Regulation (FAR).

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA
Solar Media Events
October 15, 2024
Santiago, Chile