Pivot Energy gets $190 million of financing with Silicon Valley

By Mary-Katherine Stinson

Lexington, Ky., April 18 – Pivot Energy closed on a $190 million facility with Silicon Valley Bank to support a multistate portfolio of solar investments, according to a company news release.

The new facility includes a construction loan, a tax equity bridge loan and a permanent loan.

Foss & Co. will provide the tax equity investment.

This is the first portfolio of projects Pivot will build, own and operate since its acquisition by ECP Management LP in June 2021. The 90 megawatt portfolio comprises over 40 solar projects, approximately 80% community solar, and 20% commercial and industrial power purchase agreements.

CohnReznick Capital was the exclusive financial adviser to Pivot Energy on the transaction.

Stoel Rives acted as counsel for Pivot, Milbank acted as counsel for Silicon Valley Bank, and Winthrop & Weinstine acted as counsel for Foss on the deal.

Headquartered in Denver, Colo., Pivot is a national solar provider that develops, finances, builds, owns and manages solar and energy storage projects.

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