Pivot Energy Announces Acquisition of Maryland-Based Community Solar Developer SGC Power
Aug 16, 2022
National renewable energy provider, Pivot Energy, is pleased to announce the acquisition of SGC Power, a Maryland-based community solar developer. Pivot develops, finances, builds, owns, and manages distributed energy projects and is owned by leading energy transition investor, ECP. SGC Power has been involved in 2.8 gigawatts of solar projects since the company’s founding in 2008.
SGC Power identifies, develops, and designs solar projects that produce long-term lease income for property owners while providing affordable clean energy to surrounding communities. This framework, known as community solar, is currently the fastest growing segment of the solar industry. Twenty-one states and the District of Columbia now have active community solar programs.
“SGC Power is a community solar leader with deep industry experience,” said Tom Hunt, CEO of Pivot Energy. “We are excited to welcome their team to Pivot Energy. Together, we can further accelerate the transition to decentralized renewable energy while providing real cost-savings to businesses and families across the country.”
The acquisition will result in substantial growth over the years to come. Pivot’s development expertise and long-term project ownership capabilities will enable SGC to enter new markets and increase value to their property owners by providing some certainty. The larger team will allow Pivot Energy to better scale greenfield development, accelerate the adoption of solar, add product offerings, and expand the company’s national footprint.
“We are looking forward to joining the Pivot Energy team,” said SGC Power CEO Mike Sloan. “This acquisition provides our team with a clear path to more community solar development. Plus, we get the benefit of new colleagues with a wealth of industry expertise and experience.”
In addition to the companies’ synergies across solar energy development, they also have a mutual appreciation for creating positive business cultures that foster diversity, equity, and inclusion. SGC Power recently achieved certification from the Solar Energy Industries Association (SEIA) for the company’s commitment to creating a more inclusive and diverse workplace. Meanwhile, Pivot Energy is a Certified B-Corporation that follows the highest standards of verified social and environmental performance, public transparency, and legal accountability.
“It is our firm belief that this acquisition will bring about positive changes for everyone,” said Hunt. “It will certainly make us stronger, more competitive in the market, and the increased resources will ensure that we can provide more value to our partners and clients.”
Day-to-day activities for the SGC Power team will remain unchanged. SGC Power will continue to operate as a business unit under the Pivot Energy brand.
About Pivot Energy
Pivot Energy is a national renewable energy provider that develops, finances, builds, owns, and manages solar and energy storage projects. Pivot offers a distributed energy platform that includes a range of services and software that serves the full solar ecosystem. Pivot is a Certified B-Corporation that proudly follows a corporate strategy that provides a positive impact on society as measured by Environmental stewardship, Social leadership, and responsible Governance (ESG) factors. Learn more at pivotenergy.net.
About SGC Power
SGC Power is a community solar development company. Headquartered in Maryland, SGC leads the project development lifecycle, identifying new markets and supporting customers in all stages of the solar process. SGC knows how to locate the right project site or rooftop structure for generating clean solar energy for the local community while producing long-term lease income for the land or building owner. SGC Power has been involved in over 285+ solar projects, totaling over 2,845 MW of solar energy capacity in over 31 states and territories.