ECP Acquires Pivot Vitality – Solar Trade
ECP, an investor in the energy transition, electrification and decarbonization of infrastructure assets, has acquired Pivot Energy, a national commercial and municipal solar developer. Financial details of the transaction were not disclosed.
Founded in 2009, Pivot claims to offer a decentralized solar development platform that accelerates the transition to cleaner, more decentralized power generation by developing, funding, and managing commercial and community solar projects in the United States. Pivot serves the entire commercial solar ecosystem, including retail customers, project developers, facility operators, utilities and financiers, but also community solar for local governments, school districts, nonprofits, low income housing authorities and private customers.
“We are excited to partner with ECP in the next phase of Pivot Energy’s growth,” said Tom Hunt, CEO of Pivot Energy. “With ECP’s expertise in renewable energies, strategic investment thinking and first-class resources, we are well positioned to accelerate project development, expand our product range and enable project ownership. Together, we look forward to advancing clean energy and making a positive impact on our stakeholders and our planet. “
The acquisition will give Pivot better access to capital to strengthen its growth and position in the municipal solar sector, which has become the fastest growing solar sub-segment. It will also enable the company to transition to a model of aggregating and managing attractive recurring cash flow assets through in-house development, joint development partnerships and acquisitions.
CohnReznick Capital acted as exclusive financial advisor to Pivot Energy on the transaction. Latham & Watkins LLP is acting as legal advisor to ECP.