Silicon Valley Bank Closes First Syndicate Loan for Solar Deal Since Being Acquired

May 15, 2023

by Paul Ciampoli
APPA News Director
May 15, 2023

Solar energy company Pivot Energy recently announced the closing of a $203 million financing facility to support a multi-state portfolio of distributed generation solar projects. California’s Silicon Valley Bank will lead the debt facilities, while Foss & Company will make the initial tax equity investment.

The 100-megawatt portfolio comprises 35 community solar and C&I projects planned to reach commercial operation between the second quarter of 2023 and the second quarter of 2024.

This transaction is the first syndicated loan closing that SVB has led since the recent acquisition by First Citizens Bank.  “SVB pioneered community solar financing solutions and has remained a preeminent leader in the market,” a news release from Pivot Energy said. “This transaction shows First Citizens Bank’s commitment to continue lending to this vital space.”

The community solar subscribers in the portfolio include commercial clients including municipalities, healthcare facilities, food service, and retail, residential customers and approximately 8,000 low-to-moderate income households. 

According to Pivot, the portfolio comprises the most extensive low-to-moderate income community solar portfolio developed to date. “It exhibits strategic diversity across project types, client offtake arrangements, and geographic reach with projects in Colorado, Minnesota, Illinois, New York, Hawaii, Maryland, and California.”

SunCentral, Pivot’s proprietary community solar subscriber management and acquisition platform, will manage the portfolio through operations.