The acquisition by Pivot Energy will enable SGC to enter new markets and increase value to their property owners.
Pivot Energy, which finances, builds, owns, and manages distributed energy projects, announced the acquisition of SGC Power, a Maryland-based community solar developer. SGC Power has been involved in 285+ solar projects with a total of 2.8 GW spread over 31 states and territories.
Community solar is a rapidly growing segment of the solar industry and is one of the best ways for low- to middle income (LMI) customers to benefit from clean energy. Whether they live in an apartment building and can’t install solar, or cannot afford the up-front costs, community solar helps to bridge the gap for households that have historically been left out of the clean energy transition. 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.”
Pivot’s development expertise and long-term project ownership capabilities will enable SGC to enter new markets. By combining the two teams, Pivot Energy reports that it will be better able to 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.”
The two companies both have 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. Pivot Energy, a Certified B-Corporation, 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.
