Pivot Energy, an impact-focused independent power producer (IPP) of distributed-scale solar and energy storage, has closed a bilateral $500 million corporate credit facility with Nuveen Energy Infrastructure Capital (Nuveen EIC), part of the $2.6 trillion asset management firm wholly owned by TIAA.
The three-year facility supports Pivot, an ECP portfolio company, by financing late-stage project development and equipment procurement and by providing additional capacity in line with Pivot’s growing operating asset base. The financing will help Pivot bring more solar and battery storage online where it is needed most, including dispatchable projects sited on constrained parts of the grid to improve reliability and help lower costs for ratepayers. By the end of 2029, Pivot expects to have more than 1 gigawatt of solar and more than 700 megawatt-hours of energy storage assets in operation.
“This is the most transformational financing in Pivot’s history,” said Tom Hu
