US independent power producer (IPP) Pivot Energy has completed three financing agreements, totalling US$225 million, to support community solar projects and the acquisition of US-made solar panels.
The financing comes from four organisations, and will be used for three initiatives. ATLAS SP and the First Citizens Bank have provided a US$170 million upside to an existing construction warehouse facility to build a new portfolio of 60 community solar projects, with a combined capacity of 225MW, across nine US states. A further US$40 million comes solely from First Citizens, and will be used to purchase solar panels made in North America by Silfab Solar.
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The remaining US$15 million corporate financing facility will come from Comerica Bank.
“We deeply appreciate the expanded commitments from ATLAS, First Citizens, and Comerica, proving the benefit of strong partnerships and that the momentum is strong for the renewable energy industry,” said Tom Hunt, CEO of Pivot Energy.
The financing follows a US$450 million debt warehouse facility signed with First Citizens and ATLAS, and a 350MW module supply deal signed with Silfab Solar in January, which saw the manufacturer provide the IPP with its 580 XM+ modules from the second quarter of this year. The companies did not specify which Silfab Solar modules would be supplied through the US$170 million deal announced today.
CleanCapital raises US$185 million for distributed energy projects
Fellow US IPP CleanCapital has raised US$185 million in private placement debt to support the construction of 156 projects with a combined capacity of 180MW.
The company did not specify how the financing would be split between its renewable energy generation and battery energy storage system (BESS) projects, but noted that solar and BESS are a “cost-effective solution to deliver new megawatts to the grid, address rising energy demand and bolster grid reliability”. It added that Milbank LLP acted as its legal counsel for the transaction.
“This transaction provides a long-term, scalable financing solution tailored to the needs of distributed generation projects, enabling us to efficiently finance projects and deliver more clean and affordable megawatts to the grid,” said Melinda Baglio, general counsel and CFO at CleanCapital.
