SVB Lends $200 Million in First Syndicated Loan Since Collapse
- Bank was a leader in solar financing before its collapse
- Deal shows First Citizens committed to space: solar executive
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Silicon Valley Bank will lead a financing facility of more than $200 million for Pivot Energy’s multistate portfolio of solar projects, marking the lender’s first syndicated-loan closing since it was seized by regulators and sold to First Citizens BancShares Inc.
The Santa Clara, California-based bank was a leader in solar financing before its collapse in March. The debt transaction — which includes construction, tax-equity bridge and term loans — “shows First Citizens Bank’s commitment to continue lending to this vital space,” according to a statement.