ImpactAlpha, May 11 – When a bank run took down Silicon Valley Bank in March, the US government stepped in to ensure depositors were made whole. Borrowers waiting on loans to be disbursed didn’t get the same immediate clarity. The uncertainty weighed on the climate tech ecosystem, for which SBV was a key financial partner.
Community solar developer Pivot Energy has finally closed on a $203 million project-finance loan that SVB was leading before it shut down, Canary Media reports. Pivot Energy will use the financing for 100 megawatts of new community solar installations.
The deal was delayed several months because of the SVB collapse; First Citizens Bank, SVB’s new owner, closed the deal on the original terms. It brought several big financial institutions, including JPMorgan and National Bank of Canada, into the Pivot Energy deal.
“The fact that SVB was able to bring them in speaks volumes about the strength of community solar,” Pivot Energy’s Bret Labadie told Canary.
SVB has reportedly financed more than 60% of all US community solar developments.
Blackstone, Brex, PNC, Apollo Global Management and Reverence Capital were among the more than a dozen suitors that bid for parts of SVB, according to new data released by regulators.