Pivot Energy closed a $173 million term loan on a portfolio of 51 community-scale solar projects totaling 135 MW across six states. That number says more than any press release.
First Citizens Bank, Huntington Bank, and BankUnited provided the takeout financing. Pivot Energy is an impact-focused independent power producer of distributed-scale solar and energy storage.
I read this as Pivot moving from construction risk to a permanent capital structure, and the banks accepting that shift.
The facility refinances the projects from Pivot’s construction warehouse and consolidates Pivot’s first three portfolios under a single term structure, marking the company’s first term loan financing. The transaction announced October 8 also frees up capacity in Pivot’s revolving construction facility to support continued construction of additional projects.
Bret Labadie, CFO at Pivot Energy, which is headquartered in Denver, Colorado, said, “Closing our first term loan across a consolidated portfolio is an important step for Pivot.”
If your construction warehouse is full, can your bank group consolidate three portfolios into a single term loan—and what spread would they demand?