Pivot Energy closes debt financing facility for solar projects

By Marisa Wong

Los Angeles, May 9 – Pivot Energy announced the closing of a roughly $203 million financing facility to support a multistate portfolio of distributed generation solar projects, according to a press release.

Silicon Valley Bank will lead the debt facilities, and Foss & Co. will make the initial tax equity investment.

The debt transaction led by SVB includes a construction loan, tax equity bridge loan and term loan.

SVB circled the financing and will act as a coordinating lead arranger, bookrunner and administrative agent with J.P. Morgan, National Bank of Canada, Bank United, Cadence and Comerica. J.P. Morgan acted as coordinating lead arranger, and National Bank of Canada, Bank United, Cadence and Comerica acted as lenders. National Bank of Canada provided the letter-of-credit facility.

CohnReznick Capital acted as the financial adviser to Pivot Energy on the transaction. Stoel Rives was counsel for Pivot Energy, Milbank was counsel for SVB, and Winthrop & Weinstine was counsel for Foss.

The 100 MWdc portfolio comprises 35 community solar and C&I projects planned to reach commercial operation between Q2 2023 and Q2 2024, according to the press release.

Based in Denver, Pivot Energy develops, finances, builds, owns and manages solar and energy storage projects.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.