In Landmark Deal, Walmart Invests in 19 Clean Energy Projects Across the Country with Pivot Energy

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Mar 26, 2024, 09:00 ET

The strategic partnership will enable access to solar energy for thousands of households, scale renewable energy production, and relieve energy burden for low-income communities.

DENVER, March 26, 2024 /PRNewswire/ -- Leading national renewable energy provider Pivot Energy announced today that Walmart is investing in 19 solar projects under development across the country including 15 community solar projects. The strategic tax equity investment will drive the construction, operation, and maintenance of a diverse solar project portfolio across five states – Illinois, Colorado, Maryland, Delaware, and California.

The tax equity investment from Walmart will facilitate the construction of 72 megawatts (MW_dc) of community solar projects. Collectively, these projects will increase renewable energy production and reduce reliance on fossil fuels, effectively reducing greenhouse gas emissions. Notably, 41 MW_dc of projects in Colorado are specifically designed to serve low and moderate-income homes, impactfully reducing energy burdens for vulnerable communities. The community solar projects are expected to be constructed in 2024 and 2025 and will support an estimated 7,000+ households' access to community solar subscriptions with $6M+ in potential annual savings, in addition to local businesses and entities.

This groundbreaking agreement reflects Walmart's commitment to expanding renewable energy capacity and fostering accessible clean energy solutions for communities nationwide. Investing in solar energy projects developed by Pivot Energy distinguishes Walmart as a pioneer in renewable energy financing. This collaboration underlines how Walmart is stepping in to help accelerate the clean energy transition through innovative financing partnerships alongside more traditional decarbonization efforts with on and off-site renewable energy facilities.

"Our partnership with Pivot demonstrates our approach to new clean energy investments, aimed at enabling high impact, high-quality projects that drive positive outcomes. In addition to facilitating a cleaner power grid, this portfolio will help expand access to clean energy and provide direct savings on energy costs for thousands of households in the communities we serve, including low-and moderate-income communities," said Frank Palladino, Vice President, Renewable Energy Strategy at Walmart.

Tom Hunt, CEO of Pivot Energy, expressed enthusiasm about the collaboration with Walmart, stating, "We are thrilled to partner with Walmart to scale renewable energy across the U.S. and meet the moment of corporate decarbonization demand. By leveraging our expertise in community solar development, we are committed to delivering impactful projects that promote sustainability and equitable access to clean energy."

Pivot Energy will also be working closely with landowners to maximize both solar energy production and agricultural production on several of the community solar projects, known as agrivoltaics. At these sites, drip irrigation will be installed which will enable high-quality crop production in between the rows of the solar array, in addition to sheep grazing, habitat enhancement, and other responsible land stewardship practices.

As a Certified B Corporation, Pivot Energy is dedicated to ensuring that its business activities have a positive impact on the environment and communities. As such, the company actively pursues corporate partnerships that promote community investment. Walmart is an industry leader in purpose-driven business strategy, sustainability, and social impact initiatives. Through this landmark deal, Walmart and Pivot Energy are poised to accelerate the clean energy transition, paving the way for a more sustainable future and empowered communities.

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 to serve the full solar ecosystem. Pivot is a Certified B-Corporation that proudly follows a corporate strategy aimed at positively impacting society as measured by Environmental stewardship, Social leadership, and responsible Governance (ESG) factors. Learn more at pivotenergy.net.

SOURCE Pivot Energy