Pivot Energy has secured a $450 million debt warehouse facility to help support the construction of renewable energy projects across the country that will produce 300 megawatts of power.
Over time the lenders intend to upsize and extend the facility annually to support long-term, sustainable growth, according to a statement from Pivot.
"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 the United States," said Spencer Hunsberger, head of energy origination at ATLAS SP.
The warehouse facility, combined with a structured equity investment from HA Sustainable Infrastructure Capital, brings a new joint venture to the expanding solar industry. Pivot-HASI's portfolio consists of 96 projects. Most of those are community solar facilities, and the rest are single off-take power purchase agreements for commercial clients.
Within two years the projects will be online, and are in California, Colorado, Delaware, Hawaii, Illinois, Maryland, Minnesota, New York and Virginia, Pivot said.
ATLAS SP and First Citizens Bank are leading the Pivot Energy's new warehouse facility, which is one of the largest ever for distributed generation projects. Such projects usually generate electricity from renewable sources, like solar, near the point of use, instead of from a central grid.
In another aspect of the Pivot-HASI joint venture, the partners can sell tax credits directly to large corporations, instead of relying on complex tax equity structures.
