Project Finance Brief: Pivot Energy Secures $203 Million for Solar Projects
Aspen Power acquires 37 MW community solar portfolio
From: Mercom Capital Group
Pivot Energy, a solar provider that develops, finances, builds, owns, and manages solar and energy storage projects, secured a $203 million financing facility to support the construction of 100 MW of distributed generation solar projects in the U.S. Silicon Valley Bank, a division of First Citizens Bank, will lead the debt facilities, and Foss & Company will make the initial tax equity investment. The 100 MW portfolio comprises 35 community solar, and C&I projects planned to reach commercial operation between Q2 2023 and Q2 2024.
Aspen Power, a distributed generation platform with the dual mission of accelerating and democratizing decarbonization, acquired a portfolio of 15 ground-mounted community solar projects totaling 37 MW in Maine. The projects, ranging from 1.4 MW to 7 MW, are located across the state, from the southern region through Bangor.
Enerparc, a solar project developer, secured financing for constructing 69 MW of solar portfolio in Germany. The company received a unitranche financing for the construction and operation of six solar projects with a total capacity of 69 MW provided by the Berenberg-managed Berenberg Green Energy Debt Funds. Berenberg is acting as the investment advisor of the funds.
Axpo, a solar and battery storage project developer, acquired a battery and solar project in Sweden from project developer Sustainable Energy Solutions Sweden for an undisclosed amount. The project, located around 300 km west of the Swedish capital Stockholm includes a 25 MW lithium-ion battery storage system and 20 MW of a ground-mounted solar project. The construction of the projects is expected to start in early 2024.
Naturgy Energy, a utility company, has agreed to acquire a 422 MW portfolio of wind projects along with a hybrid photovoltaic farm of 435 MW from Ardian, an investment firm. The transaction is expected to be completed by the end of July, subject to Naturgy receiving approval from relevant authorities.
For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.
Read last week’s project finance brief.