Pivot Energy Secures $500M Credit Facility From Nuveen

Pivot Energy has closed a $500 million corporate credit facility with Nuveen Energy Infrastructure Capital, adding financing for late-stage development, equipment procurement and expansion of its solar and battery storage portfolio.

The three-year bilateral facility supports Pivot’s transition from project developer to independent power producer, owning and operating the assets it builds.

By the end of 2029, the company expects to operate more than 1 gigawatt of solar capacity and over 700 megawatt-hours of battery storage. The figures measure different attributes: solar generating capacity and the quantity of energy batteries can store.

Pivot said the financing will support dispatchable projects in constrained areas of the electricity grid, with the aim of improving reliability and reducing costs for ratepayers.

“This is the most transformational financing in Pivot’s history,” said Tom Hunt, the company’s CEO.

Founded in 2009 and acquired by ECP in 2021, Pivot has more than 200 megawatts of direct-current solar capacity operating and development activities across more than 100 communities in 15 states. The company is a certified B Corporation.

The corporate facility follows a separate $173 million term loan announced early this month covering 51 community-scale solar projects totaling 135 MW DC across six states.

First Citizens Bank, Huntington Bank and BankUnited provided that financing, which refinanced projects from Pivot’s construction warehouse and consolidated three portfolios under one term structure.

Earlier this year, Nuveen doubled a corporate debt facility for energy-efficiency company Budderfly to $200 million.