Pivot Energy Secures Over $450 Million in Major Financing of Distributed Generation Portfolios from First Citizens, ATLAS SP, and HASI
Pivot Energy has secured major financing arrangements totaling over $450 million to support the construction of 300 Megawatts of distributed generation solar projects across the United States. The financing includes a debt warehouse facility led by First Citizens Bank and ATLAS SP Partners, along with a structured equity investment from HASI in a new project joint venture. The portfolio comprises 96 projects across nine states, primarily focusing on community solar installations, with the remainder being commercial Power Purchase Agreements. The projects are expected to be operational within two years, representing Pivot's largest financing agreement to date.
Pivot Energy ha ottenuto importanti accordi di finanziamento per un totale di oltre 450 milioni di dollari per sostenere la costruzione di 300 Megawatt di progetti solari di generazione distribuita negli Stati Uniti. Il finanziamento include un'installazione di debito gestita da First Citizens Bank e ATLAS SP Partners, insieme a un investimento azionario strutturato da HASI in una nuova joint venture progettuale. Il portafoglio comprende 96 progetti distribuiti in nove stati, focalizzandosi principalmente su installazioni solari comunitarie, mentre il resto consiste in contratti di acquisto di energia commerciale. I progetti dovrebbero essere operativi entro due anni, rappresentando il pi霉 grande accordo di finanziamento di Pivot fino ad oggi.
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Pivot Energy a s茅curis茅 d'importants accords de financement totalisant plus de 450 millions de dollars pour soutenir la construction de 300 M茅gawatts de projets solaires de production d茅centralis茅e 脿 travers les 脡tats-Unis. Le financement inclut une facilit茅 de cr茅dit 脿 la dette dirig茅e par First Citizens Bank et ATLAS SP Partners, ainsi qu'un investissement en capital structur茅 de HASI dans une nouvelle coentreprise de projet. Le portefeuille comprend 96 projets r茅partis dans neuf 脡tats, se concentrant principalement sur les installations solaires communautaires, le reste 茅tant des contrats d'achat d'茅lectricit茅 commerciaux. Les projets devraient 锚tre op茅rationnels dans un d茅lai de deux ans, repr茅sentant 脿 ce jour le plus grand accord de financement de Pivot.
Pivot Energy hat bedeutende Finanzierungsvereinbarungen in H枚he von 眉ber 450 Millionen Dollar gesichert, um den Bau von 300 Megawatt an dezentralen Solarprojekten in den Vereinigten Staaten zu unterst眉tzen. Die Finanzierung umfasst eine von der First Citizens Bank und ATLAS SP Partners geleitete Schuldenlageranlage sowie eine strukturierte Eigenkapitalinvestition von HASI in ein neues Projektjointventure. Das Portfolio umfasst 96 Projekte in neun Bundesstaaten, die sich haupts盲chlich auf Gemeinschaftssolarinstallationen konzentrieren, w盲hrend der Rest kommerzielle Stromabnahmevertr盲ge sind. Es wird erwartet, dass die Projekte innerhalb von zwei Jahren betriebsbereit sind, was die gr枚脽te Finanzierungsvereinbarung von Pivot bis heute darstellt.
- Secured $450 million in debt warehouse facility, one of the largest ever for distributed generation solar
- Portfolio includes 300 MW of solar projects across 96 locations in 9 states
- Projects expected to be operational within 2 years
- Structured to allow annual upsizing and extension for long-term growth
- New JV enables direct tax credit sales to large corporations
- None.
Insights
This
The transaction diversifies FCNCA's loan portfolio while establishing a scalable framework for future renewable energy projects. The collaboration with ATLAS SP Partners and HASI creates multiple revenue streams through debt financing and potential securitization opportunities. This positions FCNCA favorably in the rapidly expanding community solar market across nine states.
The warehouse facility's design for annual upsizing indicates strong potential for recurring fee income and long-term relationship value. While the immediate revenue impact may be modest relative to FCNCA's
The debt warehouse facility and structured equity investment will support construction of 300 Megawatts of
In addition, Pivot closed on a structured equity investment from HA Sustainable Infrastructure Capital, Inc. ("HASI") in a new project joint venture (JV). Together, these innovative financing structures will support the construction of 300 Megawatts DC (MWdc) of distributed generation projects that Pivot is developing across the
"Pivot is redefining how to finance portfolios of distributed generation solar projects at scale which reflects our mission to advance the renewable energy transition," said Bret Labadie, Chief Financial Officer of Pivot. "We are thrilled to expand our longstanding partnership with First Citizens Bank and welcome new relationships with key institutions like ATLAS and HASI, all of which are deeply respected in the clean energy space."
The
This warehouse facility is specifically designed to meet the challenges of developing and constructing community-scale solar projects and will support the initial portfolio of community solar projects underway. The shared vision with lenders is to upsize and extend annually to support growing project volumes, further enabling long-term sustainable growth.
"We are pleased to build upon our partnership with Pivot Energy," said Bret Turner, Managing Director of First Citizens Bank's Energy Finance business. "Our team worked collaboratively to solve a market obstacle in distributed generation, designing an innovative construction warehouse that will further help the company scale efficiently."
"We are pleased to support Pivot with financing to develop, build and manage community-level solar and energy storage projects," said Spencer Hunsberger, Head of Energy Origination at ATLAS. "Leveraging our expertise in securitizing solar-related assets, we are confident that Pivot can continue to make progress on its energy transition goals and meet the growing need for renewable energy solutions across
Structured Equity Investment from HASI in Project JV
This JV with HASI marks an exciting step for Pivot to further accelerate the deployment of solar projects. It is initially designed to support the same portfolio of projects discussed above and opens up the opportunity to sell tax credits directly to large corporations as opposed to relying on complex tax equity structures.
"We admire Pivot's strategy and proven success in powering progress for local communities at scale," said Daniela Shapiro, Senior Managing Director of HASI. "We are proud to partner with Pivot in this new JV to support their mission to increase equitable access to clean energy and cost savings for local communities."聽
These financing facilities are designed to work tightly together to enhance Pivot Energy's ability to develop, construct, own, and operate distributed generation solar projects for years into the future. These operational efficiencies align with Pivot's strategy of making solar energy accessible to more communities and businesses. By combining a large-scale debt facility with a structured equity investment in the projects, Pivot is positioned to deliver impactful renewable energy projects to help meet growing demand for clean energy.聽
CRC-IB acted as exclusive financial advisor to Pivot, and Stoel Rives acted as exclusive legal advisor. Milbank acted as legal advisor to First Citizens Bank, and Sheppard Mullin acted as legal advisor to HASI.
About Pivot Energy
Pivot Energy is a renewable energy provider and independent power producer that develops, finances, builds, owns, and manages solar and energy storage projects. Pivot leverages its renewable expertise to provide a range of unique offerings that accelerate the clean energy transition by helping companies and communities attain impactful decarbonization. Pivot is a
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in
About ATLAS SP
ATLAS SP is a global investment firm providing stable capital, financing, advisory and institutional products to market participants seeking innovative and bespoke structured credit and asset backed solutions. We're proud to build upon a legacy of client excellence that includes certainty of execution, deep expertise and full-service capabilities across the asset management landscape. For more information, visit聽.
About HASI
HASI (NYSE: HASI) is a leading climate positive investment firm that actively partners with clients to deploy real assets that facilitate the energy transition. With more than
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