Pivot Energy Closes $173 Million Term Loan Facility for 135 MWdc Distributed Solar Portfolio

The financing consolidates Pivot's first three portfolios under a single term structure.

Rhea-AI Summary

Pivot Energy closed a $173 million term loan facility to refinance a portfolio of community-scale solar projects.

The portfolio comprises 51 projects totaling 135 MWdc across six states. First Citizens Bank, Huntington Bank and BankUnited provided the financing. Pivot's first term loan consolidates its first three portfolios under one term structure and refinances projects from its construction warehouse, freeing revolving construction capacity for additional projects.

Positive

• Minor point$173 million term loan facility closed to refinance Pivot's community-scale solar portfolio.
• Minor point. Forward-looking: it has not happened yet and may not happen.Revolving construction capacity freed up to support construction of additional projects.

Negative

• Minor point$173 million term loan carries a debt obligation while refinancing projects from Pivot's construction warehouse.

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DENVER, Oct. 8, 2026 /PRNewswire/ -- Pivot Energy, an impact-focused independent power producer of distributed-scale solar and energy storage, today announced the closing of a $173 million term loan facility for a portfolio of 51 community-scale solar projects totaling 135 Megawatts (MWdc) across six states.

Long-time financial partners First Citizens Bank ("First Citizens"), Huntington Bank, and BankUnited provided the takeout financing. The facility refinances the projects from Pivot's construction warehouse and consolidates Pivot's first three portfolios under a single term structure, marking the company's first term loan financing. The transaction also frees up capacity in Pivot's revolving construction facility to support continued construction of additional projects.

"Closing our first term loan across a consolidated portfolio is an important step for Pivot," said Bret Labadie, Chief Financial Officer at Pivot Energy. "We're grateful to First Citizens, Huntington, and BankUnited, who have supported Pivot from the start. This financing gives us the flexibility to grow faster and deliver lasting value where our projects are built, from community investment and agrivoltaics to local jobs and economic development. As the electricity landscape becomes more complex, we're proud to work alongside utilities, corporate energy buyers, and ratepayers to deliver local, reliable power that strengthens the grid."

"First Citizens is pleased to continue building on our long-standing relationship with Pivot Energy," said Mike Lorusso, head of First Citizens Bank's Energy Finance business. "This financing reflects the strength and diversity of Pivot's distributed solar portfolio, and we're proud to support the company through its next stage of growth."

About Pivot Energy
Founded in 2009, Pivot Energy is a leading national renewable energy provider and independent power producer that develops, owns, and operates solar and energy storage projects. Pivot delivers renewable energy solutions that strengthen local economies, create jobs, and provide affordable, reliable power for businesses and communities across the U.S. As a Certified B Corporation, Pivot combines purpose and performance to ensure every project generates meaningful economic and social value. Pivot is an ECP portfolio company. Learn more at pivotenergy.net.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services, including a network of more than 500 branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing, and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

View original content:https://www.prnewswire.com/news-releases/pivot-energy-closes-173-million-term-loan-facility-for-135-mwdc-distributed-solar-portfolio-302901938.html

SOURCE Pivot Energy

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much financing did Pivot Energy close, and what solar portfolio does it cover?

Pivot Energy closed a $173 million term loan facility covering 51 community-scale solar projects totaling 135 MWdc across six states. First Citizens Bank, Huntington Bank and BankUnited provided the financing.

What does Pivot Energy's first term loan change about its project financing?

The facility consolidates Pivot's first three portfolios under a single term structure and refinances projects from its construction warehouse. It also frees capacity in the revolving construction facility to support construction of additional projects.