Latest news with #SOFF
Associated Press
07-05-2025
- Business
- Associated Press
Pivot Energy Secures $200 Million Tax Credit Purchase Commitment for 144 MWdc U.S. Community Solar Portfolio
40-project portfolio, one of largest community solar portfolios in U.S., to deliver renewable energy access and local economic benefits across 8 states DENVER, May 7, 2025 /PRNewswire/ -- Pivot Energy, a leading national renewable energy provider and independent power producer (IPP), has secured a $200 million tax credit purchase commitment to support its 40-project (144 MWdc) community solar portfolio across eight states. This follows recent financing commitments of more than $450 million from HASI, First Citizens Bank, and ATLAS SP Partners. The tax credit commitment was facilitated through Acadia's Climate and Communities Investment Coalition (CCIC). The Coalition is focused on delivering tangible community benefits from corporate energy investments. Upon completion, the 40 projects are expected to fund millions of dollars in incremental community benefit investments, which will be administered by the Sustain Our Future Foundation (SOFF). The Pivot portfolio will bring affordable electricity to thousands of residential and commercial subscribers in communities across Colorado, Delaware, Hawaii, Illinois, Maryland, Minnesota, New York, and Virginia. Beyond lowering energy costs, the portfolio will create new jobs, generate tax revenues, and fund high-impact community programs. The community programs aim to develop infrastructure for community resilience, expand workforce training programs, enhance educational opportunities, increase energy bill savings of low-income subscribers, and provide support to community-based organizations. 'This tax credit purchase agreement reinforces that the energy transition can be both scalable and community-focused,' said Tom Hunt, CEO of Pivot Energy. 'We are thrilled to grow our partnership with Acadia and bring more solar energy to U.S. communities.' Following Acadia's coordination of the transaction, Tim Short, Managing Partner of Acadia, said, 'We are proud to have supported Pivot Energy in advancing one of the largest community solar portfolios in the United States.' Brian O'Callaghan, Vice President at Acadia continued, 'By facilitating this commitment through the CCIC, we're helping direct corporate capital to projects that deliver tangible benefits to local communities—like job creation, economic growth, and access to renewable energy.' 'This commitment demonstrates how renewable energy investments can be structured to drive tangible benefits for local communities,' said Yinka Bode-George, CEO of SOFF. 'By administering these community benefit funds, Sustain Our Future Foundation will help advance workforce development and education, and support community-serving organizations.' The first community solar projects in this portfolio are expected to begin commercial operations in Q3 2025. About Pivot Energy Pivot Energy is a renewable energy provider and independent power producer that develops, finances, builds, owns, and manages solar and energy storage projects. Pivot leverages its renewable expertise to provide a range of unique offerings that accelerate the clean energy transition by helping companies and communities attain impactful decarbonization. Pivot is a US-based Certified B-Corporation that proudly follows a corporate strategy aimed at providing a positive impact on society as measured by Environmental stewardship, Social leadership, and responsible Governance factors. Pivot Energy is an ECP portfolio company. Learn more at . About Acadia Infrastructure Capital Acadia Infrastructure Capital invests in energy transition infrastructure and real assets. We provide tailored capital solutions to mid-market opportunities, seeking attractive risk-adjusted returns with downside protection for our investors. Leveraging deep market expertise and long-term industrial partnerships, we aim to be agile in an ever-evolving energy market. We are a team of industry veterans, committed to shaping a sustainable future through strategic investments. Learn more at . About Sustain Our Future Foundation Sustain our Future Foundation is a national not-for-profit organization that collaborates with corporate sustainability teams to de-risk and deepen the impact of sustainable infrastructure projects by ensuring that local communities' priorities are part of the planning, siting, and development phases of the projects. Our goal is to raise the standard of sustainable development to promote economic development, community partnership, local self-determination, and environmental health for all communities. This press release is for informational purposes only and does not constitute, nor should it be construed as, legal, tax, regulatory, financial, accounting, or investment advice. It should not be relied upon for making any business, financial, or investment decisions. Furthermore, this release does not constitute an offer, solicitation, or recommendation to buy or sell any commodity, security, or financial instrument. Recipients are encouraged to consult with their own professional advisors before making any decisions based on the information provided herein. View original content: SOURCE Pivot Energy
Zawya
29-01-2025
- Climate
- Zawya
World Food Programme (WFP) and Chad's meteorological agency partner to modernize weather forecasting and enhance climate response in Chad
The World Meteorological Organization's Systemic Observations Financing Facility (SOFF) and the United Nations World Food Programme (WFP) have launched a five-year project aiming to modernise Chad's meteorological network, improve weather forecasts, and anticipate the consequences of climate events in Chad. The US$ 6.98 million project, led by WFP in collaboration with Chad's National Meteorological Agency (ANAM) with technical support from GeoSphere Austria, involves installing six new surface stations and four upper-air stations, while renovating 27 existing stations across the country. The project prioritizes national capacity-building to enhance synergies between development programmes and maximize the SOFF project's impact. 'Strengthening ANAM's capacities through the SOFF project aligns perfectly with the government's vision and policies, providing users with high-quality forecasts to anticipate climate extremes and mitigate disaster risks affecting populations and natural resources' said Fatima Goukouni Weddeye, Minister of Transport, Civil Aviation, and National Meteorology. Upgraded meteorological infrastructure will improve the anticipation and management of climate extremes like droughts and floods, while strengthening national capacities through sustainable data management. "Collaborating along the meteorological value chain is key to leveraging weather and climate data' said Markus Repnik, Director of the SOFF Secretariat. 'Closing Chad's data gap significantly improves weather and climate forecasts for Chad, Africa, and the world, as forecasts beyond three days require global data, including from Chad. SOFF's investments support Chad's objectives of increasing climate resilience, protecting communities, and the agricultural sector' Sarah Gordon-Gibson, WFP's Country Director and Representative in Chad, noted, 'The people of Chad are among the hardest hit by the current climate crisis and face some of the highest levels of food insecurity globally. Reliable meteorological data is essential to anticipate, alert, and respond to crises and their impact on people's food security'. The latest Cadre Harmonisé food security analysis indicates that over 2.4 million people in Chad will face food insecurity by 2025, potentially rising to 3.7 million during the June-August lean season. Food insecurity in Chad is primarily driven by conflicts and a decline in agricultural production, particularly due to recent floods in the south, the country's breadbasket. Distributed by APO Group on behalf of World Food Programme (WFP).
