Written by: Leonard Parker | Solar News | 02nd June
ECP, an investor across energy transition, electrification and decarbonization infrastructure assets, has acquired Pivot Energy, a national commercial and community solar developer. Financial details of the transaction were not disclosed.
Founded in 2009, Pivot says it offers a distributed solar development platform that is accelerating the transition to cleaner and more decentralized power generation by developing, financing and managing commercial and community solar 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.
“We are thrilled to partner with ECP in the next phase of growth for Pivot Energy,” says Tom Hunt, CEO of Pivot Energy. “With ECP’s expertise in the renewable energy sector, strategic investment mindset and world-class resources, we are well-positioned to accelerate project development, expand our product offerings and enable project ownership. In partnership, we look forward to advancing clean energy and creating a positive impact for our stakeholders and our planet.”
The acquisition will provide Pivot with increased access to capital to bolster its growth and position within the community solar sector, which has become the fastest-growing solar subsegment. It will also allow the company to transition to a model of aggregating and managing attractive recurring cash-flowing assets through in-house development, co-development partnerships and acquisitions.
CohnReznick Capital acted as the exclusive financial advisor to Pivot Energy on the transaction. Latham & Watkins LLP is serving as legal advisor to ECP.