“Revolutionizing Renewable Energy: Pivot Energy Secures $450M in Funding” 

Pivot Energy, a leading, national renewable energy provider and independent power producer, announced two notable financing arrangements, marking a critical step toward establishing innovative and scalable financing facilities. And Pivot successfully secured a $450 million debt warehouse facility, led by long-time partner First Citizens Bank, which includes new strategic partner ATLAS SP Partners, the warehouse finance and securitized products business majority owned by Apollo funds.Plus Pivot closed on a structured equity investment from HA Sustainable Infrastructure Capital in a new project joint venture (JV). These innovative financing structures will support the construction of 300 Megawatts DC (MWdc) of distributed generation projects that Pivot is developing across the U.S. This portfolio consists of 96 projects, the majority of which are community solar, with the remaining being single off-take Power Purchase Agreements for commercial clients. These projects are expected to be operational within the next two years, located across nine states: California, Colorado, Delaware, Hawaii, Illinois, Maryland, Minnesota, New York, and Virginia.The $450 million debt warehouse facility is one of the largest ever raised for distributed generation solar. And it is led by First Citizens Bank and includes ATLAS, with support from existing lenders Bank United, Comerica, and Cadence Bank. This new strategic relationship with ATLAS provides additional debt takeout optionality by leveraging ATLAS’ deep expertise in the solar asset-backed securitization (ABS) space.The warehouse facility is designed to meet the challenges of developing and constructing community-scale solar projects and will support the initial portfolio of community solar projects underway. And the shared vision with lenders is to upsize and extend annually to support growing project volumes, further enabling long-term sustainable growth.This financing facility was 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. And 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 prepared 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. And Milbank acted as legal advisor to First Citizens Bank, and Sheppard Mullin acted as legal advisor to HASI.KEY QUOTES:“Pivot is redefining how to finance portfolios of distributed generation solar projects at scale which reflects our mission to advance the renewable energy transition. We are thrilled to expand our longstanding partnership with First Citizens Bank and welcome new relationships with key institutions lik