First Citizens, Huntington and BankUnited Back $173 Million Term Loan for Pivot Energy's 135 MWdc Solar Portfolio

Three banks that have backed Denver-based Pivot Energy since its early years returned on Oct. 8, 2026, to provide a USD 173 million term loan facility for the independent power producer's distributed-scale solar business.

Lenders Reunite for Takeout Financing

First Citizens Bank, Huntington Bank, and BankUnited acted as takeout financing providers, supporting a portfolio of 51 community-scale solar projects totaling 135 megawatts (MWdc) across six states. The transaction refinances the projects out of Pivot's construction warehouse and brings together the company's first three portfolios under one term structure. It is Pivot Energy's first term loan financing. By moving the projects into permanent debt, the deal also releases capacity in Pivot's revolving construction facility, which the company can deploy toward building additional projects.

What the Structure Means for Pivot

Bret Labadie, Chief Financial Officer at Pivot Energy, described the closing of the company's first term loan across a consolidated portfolio as an important step. He expressed gratitude to First Citizens, Huntington, and BankUnited for their support dating back to the company's beginnings, and said the financing provides flexibility to grow faster while delivering lasting value where projects are built, citing community investment, agrivoltaics, local jobs, and economic development.

Labadie added that as the electricity landscape grows more complex, Pivot is proud to work with utilities, corporate energy buyers, and ratepayers to deliver local, reliable power that strengthens the grid.

First Citizens Views the Deal as Proof of Portfolio Strength

Mike Lorusso, who leads the Energy Finance business at First Citizens Bank, said the bank is pleased to continue building on its long-standing relationship with Pivot Energy. In his view, the financing reflects the strength and diversity of Pivot's distributed solar portfolio, and First Citizens is proud to support the company through its next stage of growth.

First Citizens Bank, based in Raleigh, N.C., serves personal, business, commercial, and wealth clients across a network of more than 500 branches and offices nationwide.

The bank provides commercial banking expertise, innovation banking, and a nationwide direct bank. Its parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), ranks among the top 20 U.S. financial institutions, holds more than USD 200 billion in assets, and is a Fortune 500 member.

A Financing Model Built on Recycled Capital

For Pivot, the closing shifts construction-stage projects into a permanent term structure while recycling capital capacity back into the construction facility, a milestone in the company's financing strategy. The consolidation of 51 projects in six states under a single term loan underscores the scale of the company's distributed solar portfolio and the continuing role of its founding lenders in its growth.

Who Pivot Energy Is

Founded in 2009, Pivot Energy is a national renewable energy provider and independent power producer that develops, owns, and operates solar and energy storage projects. The company delivers renewable energy solutions intended to strengthen local economies, create jobs, and supply affordable, reliable power to businesses and communities across the United States. As a Certified B Corporation, Pivot states that it combines purpose and performance so that every project generates meaningful economic and social value. Pivot is an ECP portfolio company.