Pivot Energy, a national commercial and community solar developer, was acquired by the decades-long investor in renewable energy ECP; consequently, Pivot energy will hold a stronger capital position to further grow in the community solar sector.
Firstly, ECP has decades of experience investing in renewable energy companies and sustainable solutions. Its portfolio crosses energy transition, electrification; and also, decarbonization infrastructure assets.
Secondly, ECP also holds capital investments in power generation, renewables and storage solutions; as well as environmental infrastructure and efficiency & reliability assets.
Thirdly, ECP has around 500 years of collective industry experience; and has consummated more than 60 transactions over the last 10 years; representing more than $45 billion of enterprise value.
On the other hand, Pivot Energy has offered leading distributed solar development and rapid transition to cleaner energy sources since 2009. Indeed, the company serves the full commercial solar ecosystem; including retail customers, project developers, system operators, utilities and financiers.
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Pivot Energy, true pioneer in renewable energy
Moreover, also provides community solar solutions to local governments; also, school districts, non-profits, low-income housing authorities and residential customers. This means that Pivot Energy makes possible renewable energy in places and communities that would traditionally face financial and property ownership barriers.
Consequently, after the acquisition by ECP, Pivot Energy will hold a stronger position bolster its growth and leadership position within the community solar sector; which has become the fastest growing solar subsegment.
Furthermore, it will 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.
On the other hand, the financial details of the transaction were not disclosed. But it closed on June 1st. About the matter, Tom Hunt, CEO of Pivot Energy, said. “With ECP’s deep expertise in the renewable energy sector; we are well-positioned to accelerate project development, expand our product offerings and enable project ownership.”
Finally, Rahman D’Argenio, Partner of ECP, declared. “We are excited to work with Pivot to capitalize on the significant opportunities ahead; to expand its market share and strengthen its leadership in a large and underpenetrated market.”