National renewable energy provider, Pivot Energy, and Fundamental Renewables, an established provider of debt financing for renewable energy projects, today (Oct 18) announced an agreement in which Fundamental Renewables will provide a $100 million revolving development loan facility to Pivot Energy, funding a diverse range of solar and storage projects across the country.
On October 18, Pivot Energy announced a new $100 million revolving loan facility with Fundamental Renewables that will fund a diverse range of solar and storage projects across the country. Such projects include community solar development in leading states like New York (shown above).
The facility provides Pivot Energy with the financial flexibility to accelerate the development and initial construction efforts of its large pipeline of distributed generation solar projects throughout the loan's three year term. This flexibility will allow Pivot to continue to pursue its development strategy across its deep portfolio of commercial and community solar projects.
"This facility for Pivot Energy underscores Fundamental Renewables' commitment to working with industry leaders that are accelerating the transition to clean energy," said Mark Domine, Managing Director, Head of Originations at Fundamental Renewables. "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."
Fundamental Renewables is the renewable and clean energy investment arm of Fundamental Advisors LP ("Fundamental"). Fundamental has extensive experience investing in public purpose and community assets, including renewable energy, and provides the expertise and added flexibility to offer new and complementary financing solutions.
"We are thrilled to work with Fundamental Renewables on this loan," said Bret Labadie, Chief Financial Officer at Pivot Energy. "They truly understand distributed generation solar project development and the intricacies that come with large portfolios of projects. They were very active in proposing creative solutions to successfully enable this facility, and we are excited to continue to work together."
Founded in 2009, Pivot Energy is a full-service renewable energy provider that is accelerating the rapid transition to cleaner and more decentralized power generation by developing, financing, and managing commercial, community solar, and energy storage projects across the U.S. Pivot serves the full commercial solar ecosystem, including retail customers, project developers, system operators, utilities and financiers, while also providing community solar to local governments, school districts, non-profits, low-income housing authorities, and residential customers.
Pivot Energy is a national renewable energy provider that develops, finances, builds, owns, and manages solar and energy storage projects. Pivot offers a distributed energy platform that includes a range of services and software that serves the full solar ecosystem. Pivot is a Certified B-Corporation that proudly follows a corporate strategy that provides a positive impact on society as measured by Environmental stewardship, Social leadership, and responsible Governance (ESG) factors. Learn more at pivotenergy.net.
Fundamental is a leading alternative asset manager dedicated to municipal, public purpose and community assets. Founded in 2007, the firm is focused on targeting control oriented investments in stressed and distressed assets or securities, financing the development or revitalization of public purpose or community assets, and acquiring undervalued securities in the secondary market. Fundamental Renewables is the renewable and clean energy investment arm of Fundamental and a leading provider of debt financing for renewable energy projects. For more information, please visit www.Fundamental.com.
Contact:
David Ganske
DG+ for Pivot Energy
(424) 209-2394
pr@dgplusdesign.com
