The loan facility will help develop Pivot’s portfolio of community solar projects in states such as New York. Image: Pivot Energy.
US renewables developer Pivot Energy has secured a US$100 million revolving development loan facility to fund its solar and storage pipeline across the US.
Provided by Fundamental Renewables, a debt financing provider, the facility will accelerate the development and initial construction efforts of Pivot’s distributed generation solar projects pipeline throughout the loan’s three-year term.
The financial flexibility will allow Pivot to keep pursuing its development strategy across its commercial and community solar portfolio.
Mark Domine, managing director, head of originations at Fundamental Renewables, said: “We are excited to forge this relationship with Pivot Energy to expand their already robust portfolio, particularly in community solar projects that will have a significant impact in making solar energy more accessible throughout the country.”
Within its community solar projects, Pivot Energy operates in Colorado – where it recently started the development of a 41MW project for utility Xcel Energy – Illinois, New York and Minnesota.
Fundamental Renewables is the renewable and clean energy investment arm of Fundamental Advisors LP, which financed a US$250 million existing credit facility earlier in the year for US solar developer Birch Creek Development.