US renewables developer Pivot Power has secured a US$100 million revolving improvement mortgage facility to fund its photo voltaic and storage pipeline throughout the US.
Supplied by Elementary Renewables, a debt financing supplier, the power will speed up the event and preliminary building efforts of Pivot’s distributed era photo voltaic initiatives pipeline all through the mortgage’s three-year time period.
The monetary flexibility will enable Pivot to maintain pursuing its improvement technique throughout its industrial and group photo voltaic portfolio.
Mark Domine, managing director, head of originations at Elementary Renewables, stated: “We’re excited to forge this relationship with Pivot Power to broaden their already strong portfolio, significantly in group photo voltaic initiatives that may have a major impression in making photo voltaic vitality extra accessible all through the nation.”
Inside its group photo voltaic initiatives, Pivot Power operates in Colorado – the place it just lately began the event of a 41MW venture for utility Xcel Power – Illinois, New York and Minnesota.
Elementary Renewables is the renewable and clear vitality funding arm of Elementary Advisors LP, which financed a US$250 million present credit score facility earlier within the 12 months for US photo voltaic developer Birch Creek Growth.
