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 più grande accordo di finanziamento di Pivot fino ad oggi.
Pivot Energy ha asegurado importantes acuerdos de financiamiento que suman más de 450 millones de dólares para apoyar la construcción de 300 Megavatios de proyectos solares de generación distribuida en los Estados Unidos. El financiamiento incluye una línea de crédito de deuda liderada por First Citizens Bank y ATLAS SP Partners, junto con una inversión de capital estructurada de HASI en una nueva empresa conjunta del proyecto. El portafolio comprende 96 proyectos en nueve estados, enfocado principalmente en instalaciones solares comunitarias, siendo el resto contratos comerciales de compra de energía. Se espera que los proyectos estén operativos en un plazo de dos años, lo que representa el mayor acuerdo de financiamiento de Pivot hasta la fecha.
Pivot Energy는 미국 전역에 300 메가와트의 분산형 태양광 발전 프로젝트 건설을 지원하기 위해 4억 5천만 달러 이상의 주요 자금 조달 계약을 체결했습니다. 이 자금 조달에는 First Citizens Bank 및 ATLAS SP Partners가 주도하는 부채 창고 시설과 HASI의 구조화된 주식 투자로 이루어진 새로운 프로젝트 합작 투자도 포함되어 있습니다. 포트폴리오는 주로 지역 사회 태양광 설치에 초점을 맞춘 96개 프로젝트로 구성되어 있으며, 나머지는 상업용 전력 구매 계약입니다. 이 프로젝트들은 2년 이내에 운영을 시작할 것으로 예상되며, 이는 Pivot의 가장 큰 자금 조달 계약입니다.
Pivot Energy a sécurisé d'importants accords de financement totalisant plus de 450 millions de dollars pour soutenir la construction de 300 Mégawatts de projets solaires de production décentralisée à travers les États-Unis. Le financement inclut une facilité de crédit à la dette dirigée par First Citizens Bank et ATLAS SP Partners, ainsi qu'un investissement en capital structuré de HASI dans une nouvelle coentreprise de projet. Le portefeuille comprend 96 projets répartis dans neuf États, se concentrant principalement sur les installations solaires communautaires, le reste étant des contrats d'achat d'électricité commerciaux. Les projets devraient être opérationnels dans un délai de deux ans, représentant à ce jour le plus grand accord de financement de Pivot.
Pivot Energy hat bedeutende Finanzierungsvereinbarungen in Höhe von über 450 Millionen Dollar gesichert, um den Bau von 300 Megawatt an dezentralen Solarprojekten in den Vereinigten Staaten zu unterstützen. 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 hauptsächlich auf Gemeinschaftssolarinstallationen konzentrieren, während der Rest kommerzielle Stromabnahmeverträge sind. Es wird erwartet, dass die Projekte innerhalb von zwei Jahren betriebsbereit sind, was die größte 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."
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.
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 www.atlas-sp.com.
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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SOURCE Pivot Energy
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